The U.S. stock market is holding near its records Thursday as oil prices keep dropping on hopes that a deal may be nearing to allow tankers to carry crude once again from the Persian Gulf to customers.

Oil prices fell amid optimism the latest bid for an agreement between the U.S. and Iran might bear fruit and lead to the reopening of the Strait of Hormuz.

Oil prices extended declines on Wednesday, slumping to two-week lows after ‌Axios reported that Washington believed it was close to a one-page framework agreement with Iran to end the war.

Profits at oil giant Shell have risen in the first three months of the year following the sharp increase in oil prices since the beginning of the Iran war. Shell reported profits of $6.92bn (£5.1bn) for the first quarter,

Oil prices extended declines on Wednesday (May 6), slumping to two-week lows after a Pakistani source said the United States and Iran were nearing an initial peace deal. Francis Maguire reports. Does the UAE exit strip OPEC of its clout?

Asian shares are sharply higher, with Tokyo’s Nikkei 225 up 5.7% Asian shares jumped on Thursday, with Tokyo’s Nikkei 225 gaining 5.7% to a record intraday high as investors waited to see if the U.S.

The energy giant's profits jump by nearly a quarter as it benefits from the recent volatility in the oil price

US oil prices fell nearly 10% on Wednesday after news that a peace deal could be close. Stocks jumped and bond yields tumbled.