May 29, 2026 10:38 AM
Global oil eyes weekly drop on Hormuz deal hopes; AI sends stocks to record highs
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 U.S.-Iran ceasefire. Sources told Reuters that the U.S. and Iran have reached an agreement to extend their ceasefire and lift restrictions on shipping, though U.S. President Donald Trump has yet to approve it and Iranian state media said it had not been finalised. Moves in the Asia mornin...