Asian and European stocks posted strong gains as investors priced in a reduced risk of further disruption to oil and fuel supplies, though analysts warned that the relief may reach the real economy more slowly. The Strait carries roughly one-fifth of global oil consumption, and supply chains for refined products remain under strain despite the truce. Willie Walsh, head of the global airline industry body the International Air Transport Association (IATA), said jet fuel supplies could take months to return to normal because of war-related damage to refining capacity in the Middle East. Oil prices have already retreated from recent highs, but fuel costs and broader inflation risks may linger if the ceasefire fails to hold or if shipping and refining capacity do not recover as quickly as markets expect.