Asian stocks rallied Wednesday as investors reacted to President Trump's announcement that the U.S. military campaign in Iran would wind down. The Nikkei 225 surged over 4 percent while South Korea's Kospi index jumped 8 percent, with markets across Taiwan, Hong Kong and mainland China also posting gains.

In the U.S., the S&P 500 posted its best day in nearly a year on Tuesday, with futures pointing to continued momentum when trading resumes. Oil prices climbed to their highest levels since the conflict began, with Brent crude reaching $118.35 per barrel for May contracts before settling at around $105 for June. West Texas Intermediate crude traded near $103.

Gasoline prices hit a national average of just over $4 per gallon, up 35 percent since the war began, according to AAA. Diesel prices rose even faster, reaching $5.42 per gallon, a 44 percent increase. The market remains focused on the Strait of Hormuz, where shipping traffic has been effectively halted since the conflict began, disrupting about one-fifth of global oil supply.