Wall Street is coming off a losing session in which higher oil prices and spiking Treasury yields weighed on equities.

The New York Times reported late Tuesday that the U.S. has shared a plan with Iran to end the conflict, raising traders' hopes that the war could conclude soon.

Markets in Asia and Europe move higher, while crude hovers at about $100 a barrel amid cautious optimism

On Wednesday, the major averages rose on traders' hopes that there would soon be a resolution to the conflict in the Middle East.

Wall Street is coming off a losing session in which higher oil prices and spiking Treasury yields weighed on equities.