(Bloomberg) -- Wall Street traders halted a rally in stocks as optimism over a resolution of hostilities in the Middle East waned, with the White House pushing back on the existence of a draft deal to revive the Strait of Hormuz.

US stock futures rose as hopes for an Iran war deal boosted risk appetite, though oil prices and the dollar slipped. While President Trump indicated progress on a peace deal to…

Washington and Tehran appear close to agreeing on ending the Middle East war that has effectively closed the Hormuz strait, driving up energy prices and stoking global inflation.

Asian stocks saw gains moderate as US strikes in Iran overshadowed optimism for a potential deal. Crude oil advanced, reversing earlier declines, amid uncertainty over the Strait…