Optimism over a Strait of Hormuz deal pushed the Dow to a record high and its fifth positive day in a row, while oil extends a cooling trend.

U.S. Treasury Secretary Scott Bessent told CNBC that Iran and the U.S. could reach a deal to open the Strait of Hormuz by Wednesday.

The Dow Jones Industrial Average rose 263.18 points, or 0.49 per cent, to 54,349.06. Read more at straitstimes.com. Read more at straitstimes.com.