New Delhi, June 20 -- Global financial markets posted strong gains during the week after reports of a ceasefire agreement between the United States and Iran eased concerns about a wider conflict in the Middle East. The development also sparked a sharp fall in crude oil prices, boosting investor sentiment and encouraging risk-taking across asset classes. However, a new report from Jefferies cautions that the apparent calm may be temporary, with significant doubts remaining about the durability of the reported agreement.

In a report titled "The Art of Capitulation," Jefferies strategist Christopher Wood argued that the ceasefire, as currently understood, appears to offer substantial concessions to Iran. According to the report, the arrange...