Wall Street powered a rally in stocks as oil sank after President Donald Trump signalled the US is close to a deal with Iran, fuelling hopes for an end to the war that has roiled global markets.

Australian shares are set to rally as oil plunged and the S&P 500 leapt after President Donald Trump signalled a peace deal was near at hand. Follow live.

(Bloomberg) -- Wall Street powered a rebound in stocks as oil fell after President Donald Trump canceled planned strikes against Iran and signaled a deal is near, fueling hopes…