New york: US stock markets closed with significant gains after President Donald Trump announced the cancellation of planned attacks on Iran.

According to Anadolu Agency, the Dow Jones Industrial Average climbed 1.86%, or 929.97 points, ending the day at 50,848.75. The S and P 500 saw an increase of 1.75%, or 127.31 points, closing at 7,394.30, while the Nasdaq Composite surged 2.54%, or 640.16 points, to reach 25,809.66. The Volatility Index (VIX), commonly known as the market's 'fear index,' dropped by 12.42% to 19.46, indicating a decrease in market uncertainty.

President Trump announced his decision on the social media platform Truth, stating that discussions with Iran had reached the highest levels of leadership, leading to the cancellation of the scheduled military actions. Previously, Trump had indicated plans to hit Iran "very hard," including a potential move to seize Iran's primary oil export facility on Kharg Island.

Following the announcement, energy prices experienced a decline, with Brent crude futures dropping approximately 4.6% to $88.8 per barrel as of 2030GMT. Precious metals, which had seen a decline due to concerns over potential conflict, rebounded with gold prices rising 3.5% to $4,214 per ounce and silver increasing 6.2% to $67.4 per ounce.

In Europe, stock markets also posted gains. The pan-European Stoxx Europe 600 index rose by 0.54% to close at 621.53 points. In individual national markets, the UK's FTSE 100 increased by 0.48% to 10,303.88, Germany's DAX 40 saw a slight rise of 0.06% to 24,209.71 points, France's CAC 40 went up by 0.48% to 8,200.80, Italy's FTSE MIB 30 rose by 0.95% to 50,504.74, and Spain's IBEX 35 increased by 0.81% to end the day at 18,290.10.