By Caitlin McCabe

Investors seem to be seizing on hopes that a U.S.-Iran deal is in reach.

Oil prices had been rising this morning after another round of U.S. military strikes against Iran. They pared gains after Axios reported that an agreement between the two countries had been reached pending approval from President Trump, citing U.S. officials.

We've been here before: Headlines on the negotiations have moved markets several times in recent days, as investors eagerly watch for any sign of progress.

The most actively traded Brent crude futures trade at around $93 a barrel, while U.S. stocks are mixed.

Earlier, a cluster of government data offered a complicated progress report on the health of the U.S. economy. The Fed's preferred inflation gauge grew at a slower pace in April-a welcome sign for traders worried about war-induced pricing pressures. But that relief was offset by updated GDP data that showed the U.S. economy grew more slowly than previously thought during the first quarter.

Meanwhile, shares of Snowflake are surging nearly 35% after the cloud-software company's results dispelled fears that AI would cannibalize its business. That puts the stock on course to erase losses suffered during a SaaSpocalypse meltdown that sent it and its peers tumbling this year.

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(END) Dow Jones Newswires

May 28, 2026 12:03 ET (16:03 GMT)

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