Wall Street stocks advanced on Wednesday following U.S. President Donald Trump’s unilaterally declared ceasefire extension in the Iran war, and oil resumed its upward climb after Iran challenged the fragile truce by seizing two cargo ships in the Strait of Hormuz.

All three major U.S. stock indexes were higher, with tech shares helping to put the Nasdaq out front, while gold advanced and the dollar edged higher.

“Despite the energy shock and headlines that have inundated investors, the macroeconomy, corporate fundamentals and consumer spending remain strong,” said Bill Merz, head of capital markets research at U.S. Bank Wealth Management in Minneapolis. “Investors are taking the stance that the Strait of Hormuz will open before too much damage is inflicted on the global economy.”

Iran’s Revolutionary Guards seized two vessels for maritime violations just hours after Trump agreed to extend the ceasefire until negotiations are concluded. About a fifth of the world’s oil and liquefied natural gas (LNG) supplies normally pass through the strait.

U.S. stocks, initially battered by the war, have since made a full recovery, with the S&P 500 and the Nasdaq having reached all-time closing highs in recent sessions. But geopolitical uncertainty lingers and a prolonged period of elevated oil prices remains a threat.

About two-thirds of the S&P 500 companies that have reported quarterly earnings since the beginning of April have voiced concerns about energy prices in their analyst conference calls, according to a Reuters review of transcripts.

“Anytime there’s a global event like the conflict in the Middle East, and it grabs so many headlines and captures attention, it will crop up in earnings commentary,” Merz added. “But we’re not seeing it significantly impact behavior yet.”

First-quarter earnings season is well underway amid lofty expectations. Analysts currently estimate year-on-year S&P 500 earnings growth of 14.4% for the January-March period, according to the most recent LSEG data.

The Dow Jones Industrial Average rose 235.58 points, or 0.48%, to 49,384.72, the S&P 500 rose 57.95 points, or 0.82%, to 7,121.98 and the Nasdaq Composite rose 326.49 points, or 1.35%, to 24,586.46.

European shares ended lower for the third straight session as the Middle East strife continued to weigh on markets and investors assessed a raft of corporate earnings.

Dozens of international firms have withdrawn guidance or signaled price hikes since the conflict began.

MSCI’s gauge of stocks across the globe rose 3.12 points, or 0.29%, to 1,069.58.

The pan-European STOXX 600 index fell 0.35%, while Europe’s broad FTSEurofirst 300 index fell 8.58 points, or 0.35%.

Emerging market stocks fell 9.12 points, or 0.56%, to 1,606.36. MSCI’s broadest index of Asia-Pacific shares outside Japan closed lower by 0.61%, to 822.34. Japan’s Nikkei rose 236.69 points, or 0.40%, to 59,585.86.

U.S. Dollar Gains Value

The dollar inched higher against the euro amid lingering geopolitical worries.

The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.22% to 98.59, with the euro down 0.29% at $1.1708.

Against the Japanese yen, the dollar strengthened 0.06% to 159.46.

In cryptocurrencies, bitcoin gained 4.27% to $78,974.43. Ethereum rose 3.5% to $2,398.86.

U.S. Treasury yields were last slightly higher, but rangebound amid choppy trading.

The yield on benchmark U.S. 10-year notes rose 0.6 basis points to 4.298%, from 4.292% late on Tuesday.

The 30-year bond yield rose 0.6 basis points to 4.904% from 4.898% late on Tuesday.

The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, rose 1.5 basis points to 3.794%, from 3.779% late on Tuesday.

Oil prices jumped following the reports of attacks on container ships in the Strait of Hormuz, and got a further boost from a surprise drawdown in gasoline and distillate stocks in the U.S.

U.S. crude rose 3.67% to settle $92.96 per barrel, while Brent settled at $101.91 per barrel, up 3.48% on the day.

Bargain hunters pushed gold prices higher after the precious metal hit a one-week low.

Spot gold rose 0.44% to $4,732.61 an ounce. U.S. gold futures rose 0.93% to $4,742.20 an ounce.

(Reporting by Stephen Culp; Additional reporting by Lawrence White in London and Ankur Banerjee in Singapore; Editing by Nick Zieminski and Will Dunham)