US stocks drifted close to record levels on Friday, while oil prices fell sharply following a ceasefire in Gaza, easing concerns over Middle East supply disruptions.The S&P 500 inched up 0.2%, coming off just its second loss in the past ten sessions, while the Dow Jones Industrial Average gained 215 points, or 0.5%. The Nasdaq composite rose 0.2%, as of 9:35 a.m. Eastern time, AP reported.Markets have surged roughly 35% since a low in April, but momentum has slowed amid the ongoing US government shutdown, which has delayed several key economic reports. Investors are awaiting the University of Michigan’s latest consumer sentiment update later in the day.Levi Strauss fell 9% despite reporting stronger quarterly profit than analysts expected, reflecting the challenge of high market expectations. Amcor rose 3.3% after naming a new chief financial officer and reaffirming its profit forecast for the upcoming fiscal year.Oil prices tumbled on easing geopolitical tensions.US crude fell 2.4% to $60.03 a barrel, while Brent crude dropped 2.5% to $63.58 a barrel. The ceasefire in Gaza has raised hopes of reduced conflict and lower risks of supply disruptions.In global markets, European indices were largely flat following a mixed session in Asia. Hong Kong’s Hang Seng fell 1.7%, Japan’s Nikkei 225 declined 1%, while South Korea’s Kospi surged 1.7% after the market reopened from a holiday.Treasury yields edged lower, with the 10-year yield falling to 4.09% from 4.14% late Thursday. Gold prices climbed above $4,000 per ounce following a brief slide on Thursday, benefiting from safe-haven demand.