SIA's stock soared 3.04% during intraday trading on Wednesday, reflecting a broad rally among Asian airline stocks.

The surge follows an agreement between the U.S. and Iran for a two-week cease-fire, which caused crude oil prices to plunge sharply. WTI crude fell 17% to $93.90 per barrel in early Asian trade, alleviating concerns about elevated fuel costs that had pressured airline margins and prompted carriers to adjust schedules and surcharges.

Analysts note the ceasefire has sparked immediate risk-on sentiment, though caution that geopolitical uncertainty remains. The drop in oil prices provides relief to airlines like SIA, which had faced rising operational costs amid earlier Middle East tensions.