Emerging Asian equities hit a three-week high on Wednesday after a ceasefire between the United States and Iran sent crude prices below $100 a barrel, calming oil-shocked markets and supporting regional currencies while the dollar eased.

The MSCI gauge of EM Asia equities surged 5.5%, marking its best intraday performance since mid-November 2022. A broader index of global EM equities jumped 5.1% to a three-week high, while its currency counterpart advanced nearly 1%.