Asian stock markets climbed on Wednesday morning after President Donald Trump hinted at ending conflict with Iran “in two or three weeks” regardless of the certainty of any deal.

Such affirmative remarks coming from the US President prompted a significant rebound in shares following the weeks-long geopolitical turmoil.

Japan’s Nikkei 225 surged nearly 4 percent in early trading, while South Korea’s Kospi jumped over 6 percent. Despite these gains, both indexes remain below their levels prior to the start of the Iran conflict on February 28.

However, the energy sector continues to be on edge. Brent crude for June delivery rose 1.2 percent to $105.36. The recent surge follows a record-breaking 64 percent increase in May Brent.

According to Nicolas Daher of the Economist Intelligence Unit, March witnessed the largest monthly price gain since the 1990s Iraqi invasion of Kuwait.

The recent surge is driven by three primary factors, including conflict duration fears, supply restraints, and refining pressure.

The energy markets now expect that the conflict will persist through at least the end of April. Moreover, the concerns are also growing over supply scarcity and disruptions across other Gulf countries.

Ole Hansen of Saxo Bank notes that refiners are aggressively bidding for crude to address global shortages in jet fuel and diesel.

On Tuesday, President Trump asserted that while Iran “is begging to make a deal” but the timing of any deal remains irrelevant to the US agenda.

On the other hand, Iranian president Masoud Pezeshkian expressed a will to end hostilities.