Stocks Flat as Investor Hope on Iran Conflict Wears Thin

US equities edged to fresh record highs as optimism over a potential Iran peace deal kept markets buoyant, but gains were capped by warnings that a resolution could take six months. The S&P 500 rose 0.3% to settle at 7,039.37, extending its remarkable run from the March lows. Brent crude surged more than 4% toward $99 a barrel as the Strait of Hormuz remains effectively closed. SPI futures point to a flat open for the ASX on Friday.