World stocks stood at record highs on Friday and oil futures eyed the steepest weekly drop for nearly two months as traders waited for details on a potential deal to reopen the Strait of Hormuz and extend the US-Iran ceasefire.

(Bloomberg) -- Hopes for a deal to end the Iran war and revive the Strait of Hormuz drove oil lower while leaving stocks near record highs, with the market also supported by…

(Bloomberg) -- Asian equities advanced and oil dropped after the US and Iran reached a tentative deal to extend their ceasefire.