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Oil prices slipped below $100 per barrel on Wednesday, while Asian stock markets surged after President Donald Trump indicated the United States could exit its involvement in Iran within weeks, regardless of any agreement with Tehran.

Japan’s Nikkei 225 climbed 4.9%, and South Korea’s Kospi jumped 8.6% during afternoon trading, reflecting renewed investor optimism. Meanwhile, Brent crude for June delivery fell roughly 5% to trade near $98.65 (£74.27) per barrel.

The decline follows a sharp rally in March, when Brent crude for May delivery surged by a record 64%. Prices spiked after Iran threatened to target ships passing through the Strait of Hormuz, raising the prospect of a shutdown along one of the world’s most critical oil transit routes.

Speaking Tuesday from the Oval Office, Trump said Iran is "begging to make a deal" but added that whether an agreement is reached is "irrelevant" to the U.S. timeline, which he said could see withdrawal in “two to three weeks.”

Earlier, Iranian President Masoud Pezeshkian said his country has the "necessary will" to put an end to the war but demanded certain guarantees to prevent the recurrence of any future aggression.

Brent crude serves as the global oil benchmark, representing contracts to purchase oil one month ahead. Movements in its price often translate into changes in fuel costs, as crude oil is a primary input.

According to Nicolas Daher of the Economist Intelligence Unit, March’s price surge marked the largest monthly increase since 1990, when Iraq’s invasion of Kuwait removed significant oil supply from the market and triggered an energy shock.

The spike also fueled concerns about broader disruptions across Gulf oil producers, pushing energy costs higher worldwide. Daher noted that recent price gains have been driven by expectations that the conflict could persist through at least the end of April.

Ole Hansen of Saxo Bank said refiners have also been aggressively bidding for crude, aiming to increase output amid global shortages of jet fuel and diesel.

Hostilities in the Middle East continued, with airstrikes hitting Beirut on Tuesday. Israel’s military said the strikes were aimed at a senior Hezbollah figures.

Trump is expected to address the nation on Wednesday evening regarding the conflict.

Japan and South Korea have been among the most affected economies, given their heavy dependence on Middle Eastern energy supplies. Markets in both countries have experienced significant volatility in recent weeks as investors respond to developments in the war.