U.S. stocks rose Wednesday as investors reacted to a proposed 15-point peace plan aimed at ending the Donald Trumpadministration’s war with Iran, though markets remained volatile after reports of a negative Iranian response.

The S&P 500 gained 0.4%, the Nasdaq rose 0.7%, and the Dow jumped 305 points, while U.S. crude fell 1.4% to about $90 per barrel amid oil supply concerns.

Pakistan has offered to mediate talks, and an in-person U.S.-Iran meeting could occur soon, though conflicting signals from Donald Trump have added uncertainty.

The Strait of Hormuz, a critical passage for 20% of the world’s oil, has largely remained closed, keeping oil prices elevated and contributing to market volatility, NBC News has reported.

Analysts warn that geopolitical tensions are likely to maintain inflation pressures and could influence central banks to keep or raise interest rates.