US-Iran Ceasefire Deal Hopes Drive American Stocks to Record Highs

American stock markets reached new record highs after reports emerged that the United States and Iran are close to agreeing on a 60-day extension of a ceasefire agreement. The S&P 500, the main US stock index, climbed to a historic peak following the publication of the news by Axios and continued rising throughout the session. The positive developments regarding Middle East tensions also affected commodity markets, with Brent crude oil prices falling to $94 per barrel as investors reduced their risk premiums on energy supplies. The reported diplomatic progress came after heightened tensions in the Middle East earlier in the week, offering markets relief from geopolitical concerns that had previously weighed on investor sentiment.