Donald Trump has postponed threatened strikes on Iranian energy infrastructure, sending global markets higher as investors bet on de-escalation. The US president's apparent shift came after nearly a month of hostilities, with Brent crude falling from about $114 a barrel to a low of $96. Stocks and bonds in the US and Europe bounced back yesterday following Trump's announcement of "good and productive" talks.

Considerable uncertainty remains around Trump's strategy and Tehran's willingness to engage. While backing off his immediate threat to strike Iranian energy infrastructure, Trump delivered a new ultimatum to the country's leadership, saying it had five days to reach a deal. In contrast to his comments, Iran's speaker of parliament Mohammad Bagher Ghalibaf cast doubt on the potential for talks, writing on X that in fact "no negotiations have been held with the US." Pakistan is positioning itself as lead mediator, using its military strongman's ties to Tehran and warm relationship with Trump.

Elsewhere, Berkshire Hathaway has agreed to invest $1.8bn in Tokio Marine as the new chief executive at the US conglomerate expands a bet on Japan kicked off by Warren Buffett. As part of a wide-ranging deal, a subsidiary of Berkshire will buy a 2.5 per cent strategic stake in Tokio Marine, one of the "big three" Japanese non-life insurers. China's top battery makers have gained more than $70bn in market capitalisation since the US and Israel attacked Iran, highlighting investor expectations of a long-term boost for clean energy.