World stocks rose to record highs on Friday and oil futures eyed their steepest weekly drop in nearly two months as traders waited for details on a potential deal to reopen the Strait of Hormuz and extend the U.S.-Iran ceasefire.
Sources told Reuters that the U.S. and Iran have reached an agreement to extend their ceasefire and lift restrictions on shipping, though U.S. President Donald Trump has yet to approve it and Iranian state media said it had not been finalised.
Moves in the Asia session were modest, with S&P 500 futures steady after the index (.SPX), opens new tab notched another record closing high overnight.
Brent crude futures fell about $1 a barrel to $92.69 for a weekly drop of more than 10%. The dollar headed for a small fall on the week, tracking a retreat in U.S. yields.
Analysts aren’t sure, however, whether that fall in yields can extend, since a U.S.-Iran deal is unlikely to quickly unwind the inflation impulse unleashed by high fuel prices.”
