The United States and Iran have agreed to a conditional ceasefire agreement, bringing relief to global markets, with European stocks soaring on Wednesday. The pan-European STOXX 600 index rose by 3.9%.

Airline stocks benefited, with Lufthansa rising by 10%.

Shell, the first major energy company to report earnings since the outbreak of the Iran conflict, stated that oil trading profits have significantly increased, but its Middle Eastern operations were disrupted by the war, leading to a 4.7% drop in Shell's closing price in London.

The UK FTSE 100 index closed up 260 points or 2.5% at 10,608 points. The German DAX index closed up 1,159 points or 5.1% at 24,080 points. The French CAC 40 index closed up 355 points or 4.5% at 8,263 points