US equity indexes jumped Friday, with the S&P 500 and the Nasdaq Composite making all-time highs, and crude oil futures sank ahead of the close after a breakthrough in Middle East diplomacy boosted optimism surrounding an Iran peace deal.
The Nasdaq Composite advanced 1.2% to 24,403.5, with the S&P 500 up 1.1% to 7,114.1, and the Dow Jones Industrial Average higher by 1.% to 49,412.8. West Texas Intermediate crude oil futures plunged 11% to $84.2, and Brent crude futures plummeted 8.4% to $91.05.
Bloomberg reported that President Donald Trump said Iran agreed to suspend its nuclear program indefinitely and will not receive any frozen funds from the US. Axios reported Friday that the US could release $20 billion in frozen Iranian funds in exchange for Iran turning over its stockpile of enriched uranium.
Trump said in a phone interview on Friday that a deal to end the war is mostly complete, according to the Bloomberg news report. Talks over a lasting agreement will "probably" be held this weekend, the president was cited as saying. The US-Iran ceasefire ends next week, implying an extension to the truce may not be required.
Earlier in the day, Iran announced the reopening of the Strait of Hormuz for the remainder of the ceasefire period.
"In line with the ceasefire in Lebanon, the passage for all commercial vessels through the Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran," Iran's foreign minister, Seyed Abbas Araghchi, said in a post on X. The 10-day truce between Israel and Lebanon came into force on Thursday.
Trump also said Friday the US naval blockade will continue until a deal with Iran is "100% complete," CNN reported.