Global markets rally on reported US-Iran ceasefire as Jefferies warns outlook remains fragile

Global markets rebounded after reports that the United States and Iran reached a temporary ceasefire that includes releasing Iran’s frozen assets and pursuing talks on easing sanctions within a 60-day window. The news also sent oil prices sharply lower, easing near-term fears of Middle East supply disruptions. Jefferies said the arrangement looks highly fragile, warning of significant domestic resistance in the United States even as it has reduced immediate risk premiums in energy markets. The oil-price drop was driven directly by the ceasefire headlines rather than a knock-on effect from equities or broader indexes.