The rally followed an announcement by Donald Trump that the United States had agreed to a two-week ceasefire with Iran, subject to the safe reopening of the Strait of Hormuz, which carries nearly one-fifth of global oil flows.

In commodities, Brent crude for June 2026 settlement dropped $14.93 or 13.66% to $94.34 per barrel, easing cost pressures for airlines.

Lower crude prices directly reduce aviation turbine fuel costs, a key expense for carriers, supporting margin expansion. At the same time, easing tensions are expected to normalise flight routes and cut fuel burn after weeks of airspace disruptions.

Major transit hubs such as Dubai International Airport, along with Abu Dhabi and Doha, had faced restrictions amid regional airspace closures following recent strikes.