WASHINGTON, United States (AFP) — Here are the latest developments in the Middle East war:

Stocks rally, oil falls

Global stocks rallied and oil prices fell after United States (US) President Donald Trump said the Middle East war could be over within weeks despite Tehran pushing back against his comments.

Wall Street’s main indices closed higher, building on major gains from the previous day. German, French and British markets also rose.

World Bank raises alarm

The World Bank is “extremely concerned” about the impact the conflict will have on inflation, jobs and food security, and is in talks with member states on how to address immediate needs in the crisis, a top official told AFP on Wednesday.

Managing Director Paschal Donohoe’s comments came as his organisation announced a new partnership with the International Monetary Fund and International Energy Agency to coordinate aid responses to the war.

‘America First’?

Iran’s president asked Americans if the Middle East conflict was truly putting “America First” and accused the US of war crimes and being influenced by Israel.

The US-Israeli attacks sow “instability, increase human and economic costs” and plant “seeds of resentment that will endure for years,” said President Masoud Pezeshkian. “Exactly which of the American people’s interests are truly being served by this war?”

Iran denies seeking ceasefire

Iran denied Trump’s assertion that Tehran had asked for a ceasefire, state television reported, citing the foreign ministry.

“Trump’s statements about Iran’s request for a ceasefire are false and baseless,” foreign ministry spokesman Esmaeil Baqaei was quoted as saying.

Separately, Iran’s Revolutionary Guards insisted that the strategic strait of Hormuz will remain closed to the country’s “enemies”, as Trump said re-opening the Straits was one of his conditions for a ceasefire.

UN warns of crackdown

Iran and countries across the Middle East are using the war as an excuse to clamp down on rights, the United Nations (UN) warned, denouncing attempts to restrict the press in Israel and the United States.

United Nations rights chief Volker Turk warned that governments had dramatically tightened security and restrictions on people’s actions and movements in public spaces, infringing on their rights.