Late Thursday, U.S. stock futures edged lower and oil prices retreated as investors weighed reports of a possible extension of the U.S.-Iran ceasefire agreement. Vice President JD Vance said it is still "TBD" whether President Donald Trump will sign a tentative memorandum of understanding with Iran.

Dow Futures Slip As Oil Prices Retreat

Dow futures fell 19.00 points, or 0.04%, to 50,724.00, while S&P 500 futures slipped 3.75 points, or 0.05%, to 7,578.00 and Nasdaq 100 futures declined 62.50 points, or 0.21%, to 30,244.50 as of around 8:46 p.m. EDT.

In commodities, WTI crude oil fell 0.74% to $88.24 per barrel. Brent crude slipped 0.44% to $93.30 per barrel.

Natural gas futures rose 0.12% to $3.289 per MMBtu.

Meanwhile, the U.S. dollar index stood at 99.026, up 0.03%.

Asian markets traded higher, with South Korea's KOSPI gaining 2.45% to 8,386.02 and Japan's Nikkei 225 advancing 1.60% to 65,726.11.

US-Iran Deal Faces Uncertainty Despite Diplomatic Progress

Earlier in the day, reports suggested Washington and Tehran had reached a tentative understanding to extend the ceasefire and ease restrictions on shipping through the Strait of Hormuz, though the agreement has not been finalized.

Iran's Tasnim news agency, citing a source familiar with the negotiations, reported that the agreement text had neither been finalized nor formally confirmed.

JD Vance Says Iran Deal Still Faces Nuclear Hurdles

Speaking to reporters at Joint Base Andrews, Vance said negotiations remain active and several major issues still need to be resolved, CNN reported.

"I think it's hard to say exactly when or if the president is going to sign the MOU," Vance said, adding that both sides are still working through "a couple of language points."

He said unresolved issues include Iran's highly enriched uranium stockpile and future enrichment rules.

"There are a couple of issues on the nuclear stuff, the highly enriched stockpile, and also the question of enrichment," Vance said. "We do think they're negotiating, at least so far, in good faith."

Treasury Secretary Scott Bessent echoed that uncertainty during a White House briefing, saying, "Everything depends on what the president wants to do."

Strait Of Hormuz Risks Still In Focus

Despite diplomatic progress, tensions remain elevated. Iran's Islamic Revolutionary Guard Corps navy reportedly fired warning shots near the Strait of Hormuz at four vessels it said lacked authorization to transit the waterway.

On Wednesday, American forces reportedly targeted an Iranian ground control station in Bandar Abbas that was allegedly preparing to launch attack drones.