New Delhi, June 17 -- Optimism is bubbling up in the Street as West Asia heads for peace, after over 100 days of war that shut shipping routes, rocked energy markets and upended supply chains worldwide. Market participants expect a wide range of industries to gain from a return to normalcy, even as they keep a wary eye on the durability of a peace deal that is yet to be signed.

The US unleashed Operation Epic Fury on 28 February, assassinating Iran's Supreme Leader Ayatollah Ali Khamenei and launching devastating attacks across the country. Tehran struck back at US allies in the region and shut the Strait of Hormuz, sparking energy shortages and supply chain disruptions worldwide.

The end of the war promises to benefit a range of crude-...