Markets staged a tentative recovery after Donald Trump signalled 'productive' talks with Iran, easing immediate fears of escalation in the Middle East. Reporting from popular outlets suggests the delay to potential US strikes pushed Brent crude down around 10% to near $100, while global equities rebounded as investors priced out worst-case energy supply risks. However, Iran's denial of negotiations and continued disruption in the Strait of Hormuz highlight that uncertainty remains high. Lower oil prices may ease near-term inflation pressures, potentially reducing the need for central banks to keep interest rates elevated. Still, it is very early, and volatility is likely to persist. The sharp fall in oil alongside a rebound in equities underlines how sensitive markets remain to geopolitical headlines.