Stocks close at record highs (again) on reports that the US and Iran are nearing a deal to end the war (again)

Stock markets reached record highs following reports of a near-agreement between the US and Iran to end their conflict, with the Strait of Hormuz transit restrictions set to be lifted. Oil prices fell sharply due to the anticipated easing of restrictions. The agreement reportedly includes Iran’s commitment to a moratorium on nuclear enrichment and the US agreeing to lift sanctions.