Stocks rise, oil price dips on peace talk hopes

Oil prices sank by more than 7%.

On Tuesday, German and Italian shares closed 20% below their recent highs - a decline investors call a "bear market". File photo

Global stock markets staged a ferocious rebound from the war-induced rout, with European equities notching the biggest rally since the pandemic bottom in March 2020 and US shares jumping the most since November of that year.

The rallies managed to claw back only some of the losses incurred since Russia invaded Ukraine. Oil prices also sank by more than 7%.