Good morning. Trump told reporters the US could exit the Iran war within two to three weeks, adding "we'll be leaving very soon." That was enough to send futures higher overnight and snap a rough stretch for equities. Oil is swinging wildly on the headlines. Whether this turns into an actual ceasefire or just another deadline that gets extended, markets are trading the hope for now.

Oil is the story that connects everything. Brent crude pulled back hard from its $118 highs earlier this week, trading around $104 after Trump's comments. WTI dipped below $101 for the first time in days. But the Strait of Hormuz is still effectively closed, and Iran laid out five conditions for reopening it, including war reparations. So the selloff in crude feels more like positioning on headlines than actual supply relief. Brent just posted its biggest monthly gain since 1988. Over 60% in March alone.

Europe is running with it. The DAX jumped 1.2% to 22,563, outperforming most peers. Autos led, Volkswagen and BMW catching a tailwind from the weaker euro. London's FTSE 100 surged 160 points to 10,337, up 1.6%, with Shell and BP contributing as energy stabilized. The mood is relief, not conviction. ECB rate cut bets are rising too as Eurozone inflation data is due today, and softer numbers would give Frankfurt another reason to stay bid.

US futures are pointing to a solid open. S&P 500 futures at 6,601, up about half a percent. Nasdaq leading with a 0.63% gain to 24,066, tech catching a bid again. The Dow sitting at 46,796. Yesterday closed out Q1 on an ugly note for most indices, so this is the first real bounce into the new quarter.

Asia was mixed overnight. The Nikkei closed lower at 51,485, down 0.77%, still digesting war uncertainty and yen strength. Hong Kong was weak too, the Hang Seng slipping over 1%.

Bitcoin is trading at $67,400, still stuck in the range it's been in for weeks. ETH around $2,065. The Fear and Greed Index sits at 8. Extreme fear. And yet no capitulation flush. Gold is at $4,749 an ounce, holding near record levels. Safe haven flows aren't going anywhere even with the war exit talk. That tells you something about how much trust is really in these headlines.

On the calendar today: Eurozone CPI, US ISM Manufacturing PMI, and JOLTS job openings. The April 6 deadline for Trump's pause on strikes against Iran's energy grid is also looming.

Relief rally, not a trend change. Not yet anyway.

More as it develops.