(Il Sole 24 Ore Radiocor) - Milano, 6 mag - US shares were trading higher as reports the US and Iran are close to a deal sent oil prices lower.

Reports today citing US and Pakistan officials said Washington and Tehran are in advanced talks on a one-page memorandum to end the war in the Gulf, with one report saying a decision could come in the next 48 hours. In comments to the press, the Pakistan prime minister said momentum was building.

The developments come after US president Donald Trump said he was pausing 'Project Freedom,' the US's plan to convoy ships out of the Strait of Hormuz.

In comments on social media today Trump said the US would resume its bombing campaign against Iran if Tehran did not accept a proposed peace agreement.

Upbeat corporate earnings especially from chip makers also helped lift sentiment.

Shares in Advanced Micro Devices jumped 16.8% after the chipmaker posted solid earnings while shares in peer Super Micro Computer rose 15.8% after it reported improved margins and outlook.

Shares in Walt Disney rose 6.4% after the entertainment giant posted good results and its new CEO outlined the plans he has in store for the company.

At 1725 GMT, the Dow Jones was up 505.37 points, or 1.03%, at 49,803.62 points.

The S&P 500 was 81.75 points, or 1.13%, higher at 7,340.97 points.

The Nasdaq was gaining 404.25 points, or 1.59%, at 25,728.92.

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(RADIOCOR) 06-05-26 19:53:25 (0789) 5 NNNN