Global stock markets are trading at unsustainable levels and could face a sharp correction, according to a senior official at the Bank of England, who warned that current valuations do not fully reflect rising global risks.

Asian shares rallied sharply in Wednesday morning trading as oil prices tumbled following a two-week ceasefire agreement between the U.S. and Iran, which includes reopening the Strait of Hormuz.

Stock markets in Dubai and Abu Dhabi have lost around $120 billion in value since the start of the US-Israel military escalation involving Iran, placing the Gulf financial hubs among the hardest-hit markets globally.

Global markets showed mixed signals on Tuesday as escalating tensions in the Middle East pushed oil prices higher and kept investors cautious.

Oil prices fell sharply while European stock markets rebounded after US President Donald Trump said he had ordered a halt to strikes on Iran’s energy infrastructure, citing “very good” talks with Tehran.

Most Asian stock markets rose Wednesday, led by gains in tech stocks across Japan and South Korea, as investors awaited the U.S. Federal Reserve’s policy decision later in the day.

Investing and brokerage platform Robinhood Markets (HOOD) released its fourth-quarter financial results, reporting adjusted earnings of $0.66 per share and net revenue of $1.28 billion.

Asian stock markets mostly advanced on Wednesday after the benchmark S&P 500 closed at another record high, supported by data showing the U.S. economy expanded at a stronger-than-expected 4.3% annual rate from July through September.

India’s stock markets opened with strong momentum on Thursday as the Nifty 50 climbed to a new record of 26,295.55 and the Sensex surpassed its 52-week peak at 85,940.24, supported by upbeat global sentiment.