Oil prices briefly fell under $100 US on Wednesday on hopes that Iran and the U.S. could make a peace deal, before rising again just over that mark. International markets soared and Wall Street posted more gains, with the S&P 500 and Nasdaq both reaching new highs.

Stocks in Asia slid Tuesday while oil prices eased but remained well above $100 a barrel, amid renewed hostilities between the U.S. and Iran.

Oil prices fell back after rising earlier on escalating tensions in the war between the U.S. and Iran.