NEW YORK, March 26, 2026 (BSS/AFP) - Oil prices fell and stock markets rallied Wednesday on reports of a US plan to end the war with Iran -- which promptly rejected Washington's overtures, according to state media. After nearly four weeks of conflict, investors jumped on signs that hostilities could be winding down, with the safe-haven dollar losing support. Analysts pointed out, however, that the arrival of more US troops in the Middle East and fresh missile strikes between Iran and Israel suggested that the path forward was far from clear. US President Donald Trump on Wednesday threatened to "unleash hell" if Iran did not strike a deal, but Tehran's Foreign Minister Abbas Araghchi said his country did not intend to negotiate. Moreover, an unnamed Iranian military official told local media that Tehran would target shipping in the Red Sea if the Washington launched a ground invasion. While global shares rose modestly, oil prices dipped as the Brent crude benchmark was down 2.2 percent at $102.22 a barrel, while West Texas Intermediate was also off 2.2 percent at $90.32 a barrel. Earlier, crude futures had plunged more than six percent. Jack Ablin, from Cresset wealth management, said the stocks rally was driven by investors "really just latching on to any promising news right now." The equities push was "really related to oil prices going down and that anticipated end of the hostilities, or at least a settling down of hostilities." - Crisis warning - As World Trade Organization ministers prepared to meet in Yaounde, the head of the International Chamber of Commerce bluntly warned that the conflict could cause the "worst industrial crisis" in decades. "The head of the International Energy Agency has warned that the world is facing an energy crisis more severe than the oil shocks of the 1970s," said John Denton. "From a business perspective, we believe this could yet become the worst industrial crisis in living memory." Offering respite to some countries, Tehran announced it would let oil vessels from "non-hostile" nations pass through the crucial Strait of Hormuz. The head of the International Energy Agency, Fatih Birol, said he was "ready to move forward" with an additional release of oil reserves "if and when necessary." Wall Street closed in the green, with the Dow rising 0.7 percent, the broader-based S&P 500 up 0.5 percent and the tech-heavy Nasdaq adding 0.8 percent. In Europe, London, Frankfurt and Paris closed up just shy of 1.5 percent ahead. Asian markets closed with strong gains, led by Tokyo, which won nearly three percent. European Central Bank chief Christine Lagarde said the ECB has several options for dealing with the energy shock, vowing policymakers would not be "paralysed by hesitation." At its most recent meeting last week, the ECB kept interest rates on hold, while warning of higher inflation and lower growth in the eurozone owing to the war. However, analysts have raised bets on the central bank hiking borrowing costs as soon as next month to try and keep the lid on an expected surge in consumer prices. - Key figures at around 2015 GMT - Brent North Sea Crude: DOWN 2.2 percent at $102.22 a barrel West Texas Intermediate: DOWN 2.2 percent at $90.32 a barrel New York - Dow: UP 0.7 percent at 46,429.49 points (close) New York - S&P 500: UP 0.5 percent at 6,591.90 (close) New York - Nasdaq Composite: UP 0.8 percent at 21,929.83 (close) London - FTSE 100: UP 1.4 percent at 10,106.84 points (close) Paris - CAC 40: UP 1.3 percent at 7,846.55 (close) Frankfurt - DAX: UP 1.4 percent at 22,957.087 (close) Tokyo - Nikkei 225: UP 2.9 percent at 53,749.62 (close) Hong Kong - Hang Seng Index: UP 1.1 percent at 25,335.95 (close) Shanghai - Composite: UP 1.3 percent at 3,931.84 (close) Euro/dollar: DOWN at $1.1565 from $1.1583 on Tuesday Pound/dollar: DOWN at $1.3365 from $1.3381 Dollar/yen: UP at 159.47 yen from 159.03 yen Euro/pound: DOWN at 86.52 pence from 86.57 pence