U.S. stock futures gained after news that the Trump administration is pushing for a potential 45-day cease-fire with Iran.

The negotiations, which involve regional mediators, are for a truce that could lead to a permanent end to the war with Iran, though the chances for a breakthrough remain slim.

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The latest diplomatic effort follows threats from President Trump over the weekend that the U.S. would bomb civilian infrastructure in Iran if a deal to reopen the Strait of Hormuz wasn’t reached by Tuesday. Trump has scheduled a press conference for 1 p.m. ET today.

Oil prices also fell this morning, with futures for Brent crude, the international benchmark, sliding almost 2% back below $110 a barrel.

Contracts tied to the S&P 500, Dow industrials and Nasdaq 100 all rose, with the latter leading the pack. In Asia, Japan’s Nikkei and South Korea’s Kospi also advanced, while markets in Europe and Hong Kong are closed.

The market optimism also followed unexpectedly strong U.S. jobs data released last Friday, when major indexes were shut for the Good Friday holiday.

In recent trading:

The dollar fell against a basket of currencies

Gold rose almost 1%

Bitcoin strengthened to just under $70,000.

Write to Angus Berwick at angus.berwick@wsj.com

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