FRANKFURT (dpa-AFX): Hopes for an imminent framework agreement between the United States and Iran led to falling oil prices on Friday, providing a significant upward boost to the German stock market.

The Dax rose by more than 2 percent at certain points, briefly climbing above the 21-day moving average, which is considered a key short-term trend indicator. By the close, the blue-chip index remained up 1.76 percent at 24,635.30 points. This move allowed the index to further distance itself from the 200-day moving average, the indicator for the longer-term trend. On a weekly basis, the index recorded a decline of 0.5 percent. The MDax gained 1.99 percent on Friday to reach 32,083.10 points.

U.S. President Donald Trump canceled the strikes against Iran that had been announced for Thursday evening and once again held out the prospect of a swift framework agreement. "We have just reached a great deal in the war with Iran," Trump claimed. He added that the documents should be finalized shortly and might be signed in Europe as early as this weekend.

The Islamic Republic also spoke of a potential conclusion to negotiations. A corresponding text has been largely finalized, said Iranian Foreign Ministry spokesperson Esmaeil Baghaei, according to the state news agency Irna. Iranian Foreign Minister Abbas Araghchi now sees a framework agreement between his country and the U.S. within reach.