Stocks climbed to fresh records Thursday after reports of a deal between the US and Iran fanned optimism that the conflict is inching toward an end.

Global oil prices finished on a mixed note while U.S. crude prices edged higher Thursday, reacting to news of progress toward a deal that would extend the U.S.-Iran cease-fire.

Asian shares declined Thursday following more of what the U.S. military said were defensive strikes against Iran. Oil prices gained more than $2 a barrel after having dropped sharply a day before. U.S.

Shares have fallen in Asia after the U.S. conducted what the military said were defensive strikes against Iran. Oil prices gained more than $2 a barrel and U.S. futures inched lower. U.S.

But insurance rates for tankers passing the strait — the most important indicator of whether the waterway is “reopening” — haven’t budged.

U.S. stocks pushed to more records as profits keep piling up for companies like Dollar Tree, Snowflake and Hormel Foods

Oil futures settled higher as traders took a cautious approach to reports that the U.S. and Iran have drawn up a draft agreement to extend the cease-fire and negotiate peace, which would include reopening the Strait of Hormuz.

Oil ​prices fell 5% to their lowest level in over a month on Wednesday as investors awaited updates on a framework of ‌a U.S.-Iran deal to end their conflict and reopen the Strait of Hormuz. Brent crude futures settled down $5.