Treasury Secretary Scott Bessent told investors the United States and Iran are within striking distance of a cease‑fire pact that would end the nine‑month conflict in early June. Washington still needs President Trump’s signature, but officials say the draft hinges on Tehran disposing of its highly enriched uranium, renouncing any nuclear weapons ambition and restoring full traffic through the Strait of Hormuz. Markets rallied significantly on the prospect.

Investors seized on the news, pushing the S&P 500 up roughly 0.8% as oil traders priced in a potential de‑escalation that could lift shipping volumes through the Gulf. Analysts note that a durable agreement would ease sanctions pressure on Iran, likely prompting a modest revival in its oil exports and offering U.S. energy firms a steadier operating environment.

Despite the optimism, Trump has not committed to the terms, and congressional skeptics warn any deal could be politically costly. The administration also faces a separate hurdle: a proposal to place the former president’s portrait on a $250 bill has stalled in the Treasury. With both diplomatic and domestic obstacles, the market’s upside remains tied to a signed agreement.