The U.S. Navy fires on and seizes an Iranian cargo vessel in the Gulf of Oman with both countries reinstating blockades through the Strait of Hormuz. President Trump says his delegation lead by Steve Witkoff and Jared Kushner are en route to Pakistan for further peace talks but Tehran says it will not be attending. The U.S.-Iranian ceasefire is due to expire tomorrow. Crude prices surge as prospects of a lasting peace arrangement fade. European futures are in the red with the Dax down by more than 1.5 per cent.

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A 10-day ceasefire between Israel and Lebanon comes into effect. U.S. President Trump says he sees the conflict with Iran ending soon. Bank of Israel governor Amir Yaron tells CNBC that he expects a deal to be done but maintains it is a ‘working assumption’. Investor hopes of peace in the Middle East rise with equities notching new record highs Stateside. The Nasdaq is on course to post its best week in a year while European bourses remain mixed. Spanish deputy PM Carlos Cuerpo tells CNBC at the IMF Spring Meetings he has no regrets over his country’s refusal to become involved in the Iran conflict while Banque de France governor François Villeroy de Galhau insists that the ECB must not act rashly on rates ahead of a crucial meeting in a fortnight.

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The S&P 500 and Nasdaq post new record highs as investors signal hopes for an end to the ran conflict. The positive sentiment has also affected Asian equities with the Nikkei leading gains. The U.S. and Iran are expected to resume peace talks in Pakistan next week with Israeli and Lebanese leaders set for ceasefire discussions later today. We hear from a slew of European policy makers at the IMF Spring Meetings about the risks of a prolonged conflict. French finance minister Roland Lescure and Bundesbank governor Joachim Nagel tell CNBC they must remain flexible to rolling developments.

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