South Korean Prime Minister Kim Min-seok warned the government must prepare for "worst-case scenarios" stemming from the Middle East conflict.

Oil prices fell more than 4% and Asian shares gained on Wednesday over possibilities of a de-escalation of the Iran war and negotiations between the United States and Iran. Tokyo’s Nikkei 225 was up 3% to 53,

President Trump said on Tuesday that negotiations to end the war were taking place and that the Iranians would like “to make a deal.” The United States sent Iran a 15-point plan for ending the war in the Middle East.

His comments come a day after Iranian officials denied any contact with the US had taken place, calling claims of talks "fake news".

Wall Street shot higher and oil futures tumbled after President Donald Trump extended his deadline for Iran to reopen the crucial Strait of Hormuz and said the U.S. would hold off on strikes against Iranian power plants and other energy infrastructure for five days.

While the president has promised rapid relief, Americans could feel the financial sting of the conflict for some time after it ends.

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Oil prices rose on Tuesday, as Iran denied it had held talks with the United States to end the war in the Gulf, contradicting President Donald Trump's claims.

Trading in crude oil futures spiked only minutes before President Trump postponed an ultimatum on Iran, causing oil prices to drop and stocks to surge.

The Iran conflict is disrupting oil flows China relies on as Trump delays a planned Xi meeting, raising new questions about leverage and the broader U.S.-China relationship.