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Wall Street and Asian markets rally on hopes for an end to the US-Israel war on Iran.

Stock markets have surged following US President Donald Trump’s announcement that he called off planned strikes against Iran and a peace deal with Tehran is imminent.

Wall Street’s benchmark S&P500 index finished nearly 1.8 percent higher on Thursday, ending a three-day streak of losses for the biggest single-day gain since April.

The tech-focused Nasdaq Composite jumped 2.5 percent, while the older, blue-chip Dow Jones Industrial Average gained about 1.9 percent.

The rally continued in the Asia Pacific on Friday, with markets in Japan, South Korea, Taiwan, Hong Kong, and Australia racking up gains.

South Korea’s Kospi, the best-performing major index this year, surged more than 8 percent in morning trading, while Japan’s benchmark Nikkei 225 rose as much as 4 percent.

Taiwan’s TAIEX gained about 2.4 percent, and Australia’s ASX 200 rose about 1.8 percent.

In Hong Kong, the Hang Seng Index was up more than 1 percent.

Brent crude, the primary international benchmark for oil prices, fell about 1 percent to below $89.50 a barrel on hopes for a return to normality in the Strait of Hormuz, which in peacetime carries about one-fifth of global energy supplies.

The market rebound came after Trump on Thursday suggested that a deal to end the war on Iran could be signed as soon as this weekend.

“We just made a great settlement of the war with Iran… subject to finalisation of documents,” Trump told reporters in the Oval Office of the White House.

Iran has not publicly confirmed Trump’s claims, but a Ministry of Foreign Affairs spokesman told reporters a memorandum of understanding with the US is “under consideration”.

“For the rally to be sustained, investors will want to not only see the actual deal being signed, but a complete reopening of the Strait of Hormuz,” Khoon Goh, head of Asia research for ANZ Bank, told Al Jazeera.

“Only then will we see the gains extend.”

Fabien Yip, a market analyst at the online broker IG Group in Sydney, Australia, said the rally reflected a “meaningful easing of geopolitical risk”, as well as anticipation over Friday’s market debut of SpaceX, set to be the largest of its kind in history.

“The broader read on today’s Asian follow-through is that dip-buying interest remains genuine,” Yip told Al Jazeera.

“That matters for how you characterise what’s happened over the past week.

“This looks less like a structural break in the bull market and more like a healthy reset after a rapid, near-straight-line advance, the kind of consolidation that can potentially extend a rally’s longevity.”

Caracas, June 11, 2026 (venezuelanalysis.com) – The Trump administration continues to dictate conditions on Venezuela’s energy industry for the benefit of US and Western corporations.

At an event organized by Politico, National Energy Dominance Council Director Jarrod Agen stated that he is in contact with Venezuelan Acting President Delcy Rodríguez and her team “multiple times a day” to discuss the legal framework for foreign conglomerates.

“I raised issues [on oil contracts] when I went down [to Venezuela] and she said ‘we’ll work with you to get through it,’”the Trump official added. 

Agen stated that the administration is currently working to turn “memoranda of understanding (MoU) into binding contracts” and insisted that Venezuela has “made a lot of progress” in overhauling the country’s hydrocarbon and mining laws. 

The legislation approved by the National Assembly slashes royalties and fiscal responsibilities for private companies, while also granting them expanded control over operations and sales. After the laws were approved, authorities were tasked with drafting regulations for their implementation and new contract templates.

Agen went on to announce that a Trump administration delegation will travel to Caracas in the coming days to further discuss conditions for multinational firms in petroleum and gas projects.

Venezuelan oil authorities have reportedly begun circulating drafts of regulations and contract models with industry partners, though the texts have not been made public. The final versions are required to be published in the country’s National Gazette. 

According to Bloomberg, Caracas has revised the proposals under pressure from investors, including the removal of a clause that would have allowed the Venezuelan government to terminate contracts, with compensation, for reasons of “public interest.” Venezuelan leaders have openly acknowledged incorporating private sector input into the recent oil and mining reforms.

Since launching military strikes and kidnapping Venezuelan President Nicolás Maduro on January 3, the Trump administration has seized control of the South American country’s energy and mineral exports.

While keeping wide-reaching sanctions in place, the US Treasury Department has issued multiple sanctions waivers allowing select Western corporations to undertake oil and gas operations in Venezuela while barring participation from Chinese, Russian, and Iranian competitors. The general licenses mandate that all Venezuela-owed payments, including royalties and taxes, be deposited in a Treasury-run account.

On Wednesday, the Trump administration updated multiple licenses concerning energy, petrochemical, and mining activities, stipulating that contract disputes can now also be settled in the United Kingdom, France, and Singapore, rather than just the US. However, the licenses still demand that contract terms be “construed and interpreted” in accordance with US laws and jurisdiction.

The revised waivers likewise establish that contracts may recognize that “certain aspects” of the activity are subject to Venezuelan laws and regulations.

For its part, the acting Rodríguez administration has aggressively courted foreign investment in the oil and gas sectors.

On Wednesday, Venezuelan state oil company PDVSA signed a memorandum of understanding with SLB, formerly Schlumberger, one of the world’s largest oil services providers with a presence in the Caribbean nation since the 1920s. The Houston-based multinational stated that the agreement intends to “strengthen operational execution and promote sustainable development” of the Venezuelan energy sector.

During a televised ceremony, Rodríguez said she was “very pleased” with the deal and expressed confidence that SLB’s cutting-edge technology would have a “major impact on oil exploration and production.”

The acting leader has inked agreements with multiple Western energy giants in recent weeks, including Chevron, Shell, BP, and Repsol. Rodríguez has announced that more companies are set to arrive in the coming weeks. Business executives have made repeated trips to Venezuela to evaluate opportunities and meet with government officials.

Rodríguez recently visited India and touted oil project opportunities in meetings with Reliance Industries and Indian public sector energy firms.

Other government officials, including Economy Vice President Calixto Ortega and Oil Minister Paula Henao, have also held closed-door meetings with investors to promote recent reforms and incentives for foreign firms. At a Houston conference in May, Henao trumpeted the new oil law’s international arbitration clauses for offering more “legal certainty” to investors.

Venezuela’s oil output has continued its recent upward trend, with OPEC’s secondary sources registering a production of 1.072 million barrels per day (bpd) in May, up from 1.036 million in April.

For its part, PDVSA registered a 1.179 million bpd output last month, up from 1.136 million in April. Direct and secondary measurements have historically differed over disagreements on the inclusion of condensates and natural gas liquids.

According to Reuters, Venezuelan oil and byproduct exports rose for a third consecutive month, registering 1.25 million bpd, thanks to increased volumes shipped to the US and India.

Edited by Lucas Koerner in Caracas.

May 24 (UPI) — The gunman who opened fire at the White House this weekend before being fatally shot by Secret Service officers has been identified as Nasire Best, unnamed sources confirmed to multiple media outlets.

The 21-year-old had previous encounters with the Secret Service and had previously posted threatening statements online, the sources told CBS News, NBC News and CNN. The sources said Best had never acted violently or brandished a weapon prior to Saturday evening, when police said he approached a checkpoint at the White House, pulled a firearm from his bag and opened fire.

Officers returned fire, striking Best, who was transported to a hospital where he was declared dead, Anthony Guglielmi, chief of communications for the Secret Service, said in the statement.

A bystander was also injured in the shooting and was in critical condition.

“It remains unclear whether the bystander was struck by the suspect’s initial gunfire or during the subsequent exchange of gunfire,” a Secret Service representative told CNN.

President Donald Trump, who was inside the residence at at the White House at the time of the shooting, was unharmed. In a post on Truth Social just after midnight Sunday, Trump thanked the Secret Service for their actions during the shooting.

“Thank you to our great Secret Service and Law Enforcement for the swift and professional action taken this evening against a gunman near the White House, who had a violent history and possible obsession with our Country’s most cherished structure,” Trump wrote.

Sources told CNN that Best had been detained in June 2025 and committed to the Psychiatric Institute of Washington for evaluation after he blocked an entry lane at the White House and proclaimed he was God. A month later, the Secret Service arrested him after he allegedly tried to enter a White House driveway. A judge told him to keep away from the White House.

Investigators at the time said they found that he had made statements online saying he wanted to hurt Trump and that he was the real Osama bin Laden, the mastermind behind the Sept. 1, 2001, terror attacks.

Trump also took the opportunity in his Truth Social post to renew his stance that the new ballroom he’s constructing would serve as added security at the White House.

“This event is one month removed from the White House Correspondent’Dinner shooting, and goes to show how important it is, for all future Presidents, to get, what will be, the most safe and secure space of its kind ever built in Washington, D.C. The National Security of our Country demands it!”