The US stock market is ticking toward records as it catches up with climbs for others around the world, when President Donald Trump said negotiations were “proceeding nicely” with Iran on ending their war.

Global stocks rose to record highs as crude oil fell after officials signalled the US was nearing a deal with Iran to reopen the Strait of Hormuz and restore oil flows.

“The main driver of the mood music is the story in Iran. Both sides are closer than they have been to date to getting something over the line. The US has made it clear it does not…