Stock markets climbed Friday after US President Donald Trump ruled out a strike on Iran before midterm elections, while announcing that Russian diesel would flow to global markets following talks with Moscow's Vladimir Putin.
Trump said Washington was holding "productive discussions" with Tehran after reports that the White House had asked the Pentagon to draw up plans for a possible attack ahead of the November 3 vote.
On Friday afternoon, the US leader added that he had secured Putin's agreement for a major release of diesel to American and world markets, temporarily easing sanctions to allow this to take place.
Angelo Kourkafas of Edward Jones noted that the deal has been "alleviating some of the worst-case scenarios" over supplies and inflation.
Global oil prices have soared on war in the Middle East, with Tehran blocking the Strait of Hormuz after US-Israel strikes targeting Iran from late February.