Madras Times - US stocks rise, shrugging off uncertain ceasefire prospects while oil prices jump

The continued de facto closure of the waterway crucial for global oil shipments did not phase Wall Street stocks, which spent the entire day in positive territory.

Crude markets were more unnerved, with international benchmark Brent futures jumping 3.5 percent to finish back above $100 a barrel as Iran sharply criticized Trump's decision to maintain a blockade on Iranian ports.

While the extension of the ceasefire gives more opportunity for talks, "the delay also raises concerns the conflict could drag on," said Trade Nation's David Morrison. "It could indicate the (Iranian) regime's hardened intent to carry on the war."

Iranian forces targeted three container ships, seizing two and firing on a third, global security monitors and the country's Revolutionary Guards said.

Tehran has said vessels must seek permission to leave or enter the Gulf through the strait, a route that in peacetime accounts for around a fifth of the world's oil and gas exports along with other vital commodities.

The White House said Trump does not consider Iran's seizure of two container ships to be a ceasefire violation because the vessels are not American or Israeli.

"No, because these were not US ships, these were not Israeli ships. These were two international vessels," Press Secretary Karoline Leavitt told Fox News.

All three major US indices advanced, with the broad-based S&P 500 finishing up 1.1 percent. The gains reflect Wall Street's confidence that the US-Iran war will soon end.

"Most likely a deal is going to get done, it's a matter of when, not if," said Adam Sarhan of 50 Park Investments. "And that's why the market is up so much."

Solid corporate earnings and AI enthusiasm have also bolstered investor confidence, with leading blue-chip firms beating forecasts and billion-dollar tech deals spurring optimism among investors that recent equity gains will hold.

In Europe, Frankfurt and London dipped while Paris shed one percent.

Asian equity markets turned in a mixed performance.

With Hormuz oil shipments still shut, the Asian and European countries that rely most on Middle East energy supplies are scrambling to cope with soaring inflation that could derail growth.

"The ceasefire extension hasn't done much to calm nerves given that worries remain about the impact of the energy squeeze on the global economy," said Susannah Streeter, chief investment strategist at Wealth Club.

- Key figures at 2010 GMT -

Brent North Sea Crude: UP 3.5 percent at $101.91 a barrel

West Texas Intermediate: UP 3.7 percent at $92.96 a barrel

New York - Dow Jones: UP 0.7 percent at 49,490.77 (close)

New York - S&P 500: UP 1.1 percent at 7,137.89(close)

New York - Nasdaq: UP 1.6 percent at 24,657.57 (close)

London - FTSE 100: DOWN 0.2 percent at 10,476.46 (close)

Paris - CAC 40: DOWN 1.0 percent at 8,156.43 (close)

Frankfurt - DAX: DOWN 0.3 percent at 24,194.90 (close)

Tokyo - Nikkei 225: UP 0.4 percent at 59,585.86 (close)

Hong Kong - Hang Seng Index: DOWN 1.2 percent at 26,163.24 (close)

Shanghai - Composite: UP 0.5 percent at 4,106.26 (close)

Euro/dollar: DOWN at $1.1709 from $1.1744 on Tuesday

Pound/dollar: DOWN at $1.3506 from $1.3508

Dollar/yen: UP at 159.49 yen from 159.37

Euro/pound: DOWN at 86.70 pence from 86.94 pence

burs-jmb/msp

I.Khatri--MT