Stocks rose as a U.S.–Iran agreement reopened the Strait of Hormuz, sending energy prices lower and lifting risk assets with the Dow and Russell hitting records and the S&P up for its 11th week out of 12.

While the ceasefire extension supports continued economic expansion and corporate profits, lasting peace is uncertain and setbacks remain possible.

The Fed’s hawkish shift and higher odds of rate hikes this year have increased caution for investors, suggesting that building on first-half gains may be more difficult.

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