bolstering prospects for an end to a war that has crippled energy shipments from the Gulf. Equities traded mixed, however, with the tech-heavy Nasdaq Composite rising in New York thanks to a surge in stocks of chip manufacturing firms like Intel, which saw its shares rocket 25 percent higher after it smashed quarterly earnings expectations.

Oil prices had been climbing earlier as investors worried about a lack of progress in ending the Middle East crisis, with Tehran keeping the Strait of Hormuz closed and the US maintaining a blockade of Iranian ports. But they dropped on reports Iran's Foreign Minister Abbas Araghchi was to arrive in Islamabad on Friday night. Brent crude, the international benchmark contract, fell back below $100 a barrel. "Investors are anchoring themselves to this good news and seem to be happy to buy risky assets, as it suggests a de-escalation of the situation ahead of the weekend," said Kathleen Brooks, head of research at trading platform XTB.

The Pakistan capital has been gearing up for an anticipated second round of talks between the United States and Iran, but it was not clear whether Araghchi and the delegation accompanying him would meet any US officials. Sentiment was also boosted by Israel and Lebanon agreeing to extend their ceasefire for three weeks. Wall Street's three main indices climbed as trading got underway in New York, with the tech-heavy Nasdaq Composite rising 0.7 percent. Global stock markets have recently managed to recover the heavy losses they suffered at the start of the war, with first-quarter earnings in many cases beating estimates and helping the S&P 500 and Nasdaq set fresh records. (Bssnews)