US stock futures edged up Thursday as traders reacted cautiously to reports of a potential Iran peace deal, with oil prices wavering near $93 a barrel. Brent crude is headed for its biggest monthly drop since May 2020, falling nearly 18% through Thursday. Treasury yields remained largely unchanged as investors processed the latest Middle East developments affecting global energy markets.

Treasury Secretary Scott Bessent revealed Washington and Tehran are within reach of an agreement to wind down the conflict. The White House seeks Iran's commitment to dispose of highly enriched uranium and never pursue nuclear weapons, plus full reopening of the Strait of Hormuz. President Trump hasn't signed off yet on the deal, which would ease tensions in the oil-rich region.

Markets have grown accustomed to similar headlines as the Middle East conflict persists. An Axios report about progress toward an agreement recently sent US indexes to records, with enthusiasm carrying over to Asia where Japanese, Taiwanese, and South Korean indexes climbed 2.5% or more. The Nasdaq composite is tracking its largest two-month percentage gain since April 2009, climbing 24% over the period.