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Reports have raised hopes of an agreement between the US and Iran after days of escalation.
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Brent crude futures, the global benchmark oil price, fell to $97 (£73) a barrel after the reports before rebounding. The price was over $108 earlier in the day.
The FTSE 100 index of London's largest public firms and the equivalent German Dax had risen over 2% midway through the trading day while the French Cac 40 was up 3%. Asian stock markets closed up.
The market movements come after news outlet Axios reported that the US believes it is getting close to a one-page document which will end the war and set up more detailed nuclear negotiations.
Oil prices are still much higher than the $70 a barrel they were hovering around before the start of the US-Israel war with Iran, which has caused caused production and transportation of oil in the region to slump.
Central to the conflict is Iran's threat to attack oil ships crossing the Strait of Hormuz, a narrow waterway south of the country, in response to US-Israeli strikes since 28 February.
About a fifth of global oil and gas shipments usually cross the strait, which has been effectively closed for weeks. Global gas prices have also soared since the conflict began.
As for stock markets, the big European bourses are lower than they were at the end of February, while the S&P 500 is higher.
The main Asian markets all rose on Wednesday, with the South Korean Kospi closing up 6.45%, the Hong Kong Hang Seng ending the day up 1.22%, and the Japanese Nikkei finishing 0.38% higher.
The Hang Seng is down since the start of war, but the other two are up.
On 8 April, the US and Iran agreed a ceasefire, which caused oil prices to slump and stock markets to jump.
However, on Sunday, US President Donald Trump said the US military would guide ships through the Strait of Hormuz, dubbing it "Project Freedom", leading to a rise in attacks in the strait from both Iran and the US.
Trump then said on social media on Tuesday he would pause the operation "for a short period of time
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