Oil price falls back and Wall Street rallies after Iran announces ‘end of military operations’ against Israel – business live

A sense of calm is returning to markets, as news breaks that Tehran has announced that end of its military operations against Israel.

Iranian military’s joint command says it is halting its offensive operations after Israel and Iran had exchanged fire, Associated Press report, after Trump asked both sides to “immediately stop shooting”.

The oil price is rapidly dropping back from its earlier highs – Brent crude is now up just 1.75% at $94.58 a barrel, having hit $98 earlier today.

European stock markets are shaking off their earlier losses too – with the pan-European Stoxx 600 index now slightly higher.

Government bond prices are recovering too, which is pulling down the yield (or interest rate) on UK, US and eurozone debt.