US stock markets are experiencing gains and oil prices are declining following President Trump’s decision to halt planned military strikes against Iran. The shift comes after days of escalating tensions following the downing of a US drone by Iran. Trump cited the potential for significant casualties as the reason for calling off the attacks, despite initially stating they were prepared to retaliate. This de-escalation has calmed investor fears, contributing to the positive market response. The Australian Securities Exchange (ASX) is predicted to open higher as a result of the overnight gains on Wall Street. Analysts suggest the situation remains volatile, but the immediate threat of conflict has lessened, providing temporary relief to global markets.