Even if the war winds down around month-end, that's still enough time "to cause psychic damage to investors, consumers, and adversely affect economic data for the April release cycle in May," Macquarie economists warned.

The comments helped lift markets and ease energy fears even as details on any ceasefire remain vague.

US president describes conflict as ‘very complete’, but threatens further strikes after Iran says it won’t allow ‘one litre of oil’ to leave Middle East while war continues