-- US equity indexes traded up ahead of Thursday's close amid media reports that the Strait of Hormuz is open and Israel's Prime Minister Benjamin Netanyahu said Tel Aviv will begin direct talks with Lebanon to disarm Hezbollah.
The Nasdaq Composite rose 0.7% to 22,785.3, with the S&P 500 up 0.6% to 6,821.2 and the Dow Jones Industrial Average higher by 0.6% to 48,203.7, extending gains following a strong rally on Wednesday.
UK's ITV network reported that Iran's Deputy Foreign Minister Saeed Khatibzadeh said the Strait of Hormuz is open. Any civilian vessel can pass with guidance from the Iranian authorities, Khatibzadeh told ITV. "Anybody who communicates with the Iranian authority has permission to pass."
The two-week ceasefire appeared to be holding up as fewer strikes were reported across the Middle East on Thursday, CNN reported. Israel's attacks on Lebanon were the heaviest since the war started, killing more than 250 people and injuring hundreds on Wednesday, according to Reuters.
Further, Netanyahu's proposal to begin talks with Lebanon to disarm Hezbollah, a militant group reportedly fighting as Iran's proxy, addressed concerns raised by Iranian President Masoud Pezeshkian. Tel Aviv's strikes on Lebanon on Wednesday violated the truce deal and, more importantly, would render the upcoming US-Iran peace negotiations in Islamabad meaningless, Reuters cited Pezeshkian as saying.
Netanyahu said Israel is planning direct negotiations with Lebanon to establish peaceful relations, but added there is no ceasefire in place as he pursues the talks, according to a CNN report.
West Texas Intermediate crude oil futures advanced 4.8% to $99.24, after trading more than 7% higher earlier in the session. Brent crude futures rose 2.4% to $97.12, after climbing almost 5% intraday.