Investors weighed signs of progress toward reopening the Strait of Hormuz against doubts that the U.S. and Iran can reach a broader resolution to the conflict.

The three major indexes are coming off their best weeks since April, and the S&P 500 finished Friday at an all-time closing high.

Iran says a Strait of Hormuz deal is near but hinges on U.S. concessions, while oil rises and stock futures slip.