The ostensible triggers for the rally were signals from President Trump and Secretary of State Marco Rubio that the U.S. could be set to wind down the war. This followed reports that Iranian President Masoud Pezeshkian was willing to discuss a ceasefire in exchange for guarantees that attacks would not be repeated.

Brent crude traded around $103 per barrel on Wednesday morning, while WTI hovered around $100 after earlier dipping below that level.

As things stand, though, missile and drone exchanges in the Gulf continue. The extent of Tuesday’s market moves may also have had something to do with month-end and quarter-end considerations, as well as the holiday-shortened week.

But Asia’s markets followed suit on Wednesday, with sharp gains in Japan and South Korea. European markets are also up, and Wall Street futures look to have retained their gains ahead of today’s bell.

Meantime, gold climbed to a nearly two-week high before trimming some of its gains. The dollar edged down against a basket of major currencies, while the yen held firm under the 160-per-dollar level.

All this comes as President Trump prepares to address the nation on Wednesday evening to give an "important update on Iran", according to the White House.

In the background, investors digested two pieces of U.S. economic information - a surprising rise in U.S. consumer confidence readings for March, and weaker soundings from the February job openings report.

In Asia, factory activity slowed in March amid rising fuel costs, but South Korea bucked the trend as activity rose at the strongest pace in more than four years on semiconductor demand. AI-driven appetite for semiconductors also boosted South Korea’s export growth to a four-decade high.

Stateside, the March private sector payroll update from ADP will be released later today, along with February retail sales. And, of course, the new quarter will focus attention on the Q1 corporate earnings season, with full-year growth estimates seemingly unchanged so far by the energy shock of the past month.

With that, onto today's column.

If Warren Buffett is happy for Berkshire Hathaway to load up on more cash, who needs to search for another safe haven?

Even though Berkshire has reported ending 2025 with a monster $373 billion cash stash, the cash pile appears to have been largely sustained and the conglomerate's legendary chairman claims they moved another chunk of money there this week.

"We bought $17 billion this week ... of T-bills," Buffett told CNBC on Tuesday, adding that beyond "one tiny purchase" they have not ‌seen an awful lot else to buy and the cash position remained "somewhere north of $350 billion."

As to whether the stock market shakeout in March had cheapened things enough to make it more interesting, he dismissed the correction with characteristic bluntness: "This is nothing."

Graphics are produced by Reuters.