New Delhi, April 9 -- The 14-day ceasefire between the US and Iran sprang Indian shares up on Wednesday, with both benchmark indices ending nearly 4% up, mirroring similar gains in other markets. US President Donald Trump's earlier threat of wiping out a "whole civilization" and Tehran's combative response had frayed investor nerves so badly that the relief felt palpable.

The news sent crude oil prices down 14% to under $95 a barrel even as the rupee strengthened against the dollar. Hopes of a lasting peace deal, however, shouldn't get ahead of the facts. Truce talks are due to begin, but the stated positions of both sides suggest that peace is easier sought than achieved. The direction of stock prices will depend significantly on what h...