A Turkey country-specific ETF was among the top performers on Wednesday as geopolitical risks across two of its neighboring countries begin to fade.

Among the top performing non-leveraged ETFs of Wednesday, the iShares MSCI Turkey ETF (NasdaqGM: TUR) increased 2.9%.

Turkey’s was particularly vulnerable to volatile moves associated with geopolitical risk in Middle East as the country is a neighbor of both Iraq and Iran, and it has close political ties to Tehran, especially as the two countries alongside Russia try to find a solution to the ongoing civil war in Syria. Consequently, Turkish markets were one of the first to suffer a severe blow following the U.S. airstrike that killed a key Iranian general.

However, Turkish stocks were also among the leaders when the geopolitical risks began to dissipate on Wednesday. In an address to the country on Wednesday, President Donald Trump signaled a de-escalation of tensions with Iran, Barron’s reports.

Trumps statement followed Iran’s Tuesday night attack on a military bases in Iraq where U.S. personnel were stationed. The attacks were a retaliatory response that Iranian Supreme Leader Ayatollah Ali Khamenei vowed to implement after the U.S. targeted a top Iranian commander last week.

“Iran appears to be standing down,” Trump said, calling that a “very good thing for the world.” He also hinted that the U.S. was not seeking out a war.

Trump added that “the U.S. is ready to embrace peace with all who seek it.”

The U.S. revealed that damage from the missile attack on U.S. bases was limited, which could suggest the retaliation was crafted to satisfy Iranian public demand for a military response while avoiding a potential American counterattack. “All is well!” Trump tweeted after the attack Tuesday night.

For more information on the Turkish markets, visit our Turkey category.

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