Josh Gilbert, Lead Analyst APAC and Middle East at etoro, falling oil prices have played a major role in improving market sentiment, helping ease concerns around inflation and interest rates. "Markets have whipsawed in the last 24 hours, and what started as a knee-jerk sell-off has turned into a relief rally. Markets went from fearing the result to finding the upside in it," said Gilbert.

"Oil has done much of the heavy lifting, with Brent sliding more than 8% to near USD 95 a barrel, spurred by hopes that the Iran conflict could wind down sooner. That would take pressure off inflation, ease rate hike fears and give risk assets the breathing room they've been missing for months," he adds.