U.S. stocks rose on Tuesday, parting ways with their European counterparts, and falling WTI crude prices diverged from spiking Brent crude prices as investors weighed ‌optimism over an imminent U.S.-Iran peace deal against dangers that the tenuous ceasefire could collapse.

Tech shares, lifted by surging chip stocks, put the Nasdaq out front, while the S&P 500's gains were more ​modest. The blue-chip Dow was essentially unchanged.

"Regarding the U.S. markets going into a long weekend, something of a risk-off mentality takes hold for fear that something might happen over the weekend, and that's ​especially true ​right now, given all the global uncertainty," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.

"We're in a risk-on mentality right now, kind of led by the stocks with the best earnings growth so far this year."

The fragile truce between the United States and Iran was imperilled after the ⁠U.S. conducted what it called defensive strikes, which Iran called a "gross violation" of the seven-week ceasefire. Even so, both sides indicated progress toward an agreement that would stop the war and resume shipping through the blockaded Strait of Hormuz.

"It's confusing, in that there was a lot of news over the weekend (suggesting) we're close to a deal," Tuz added. "Then this morning the headlines show the U.S. is bombing Iran."

Economic data on Tuesday showed the mood of the American consumer, whose spending accounts for about 70% of the ​U.S. economy, darkened slightly in May ‌amid mounting inflation concerns.

The Dow ⁠Jones Industrial Average was unchanged ⁠at 50,577.23, the S&P 500 rose 65.33 points, or 0.87%, to 7,538.80 and the Nasdaq Composite rose 377.47 points, or 1.43%, to 26,721.44.

European shares dipped as fears that the U.S. missile strikes ​in southern Iran could disrupt peace negotiations and extend the Strait of Hormuz blockade, the closure of which has sent energy ‌prices soaring, sparking inflation worries.

Investors were also weighing comments from European Central Bank board member Isabel Schnabel, who ⁠said the central bank should hike rates in June, even if a U.S.-Iran peace deal is reached.

MSCI's gauge of stocks across the globe rose 5.36 points, or 0.48%, to 1,123.51.

The pan-European STOXX 600 index fell 0.32%, while Europe's broad FTSEurofirst 300 index fell 8.67 points, or 0.34%.

Emerging market stocks rose 9.23 points, or 0.54%, to 1,720.64. MSCI's broadest index of Asia-Pacific shares outside Japan closed higher by 0.44%, to 884.47, while Japan's Nikkei fell 162.10 points, or 0.25%, to 64,996.09.

The U.S. military's strikes on Iran sent Brent crude prices spiking, after having settled 7% lower in the previous session. U.S. West Texas Intermediate (WTI) slid from Friday's close. There was no WTI settlement on Monday due to the Memorial Day holiday.

U.S. crude fell 3.2% to $93.51 a barrel, and Brent rose to $99.67 per barrel, up 3.67% on the day.

U.S. Treasury yields fell as hopes for a deal to reopen the Strait of Hormuz helped soothe inflation fears.

The yield on benchmark U.S. 10-year notes fell 8 basis points to 4.493%, from 4.572% ‌late on Friday.

The 30-year bond yield fell 6.6 basis points to 5.0161% from 5.082% late on Friday.

The ⁠2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, fell 6.3 basis ​points to 4.064%, from 4.127% late on Friday.

The dollar held steady amid fluctuating hopes for a near-term resolution to the Middle East conflict.

The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.1% to 99.14, with the euro down 0.14% at $1.1627.

Against the Japanese yen, the dollar strengthened 0.21% to 159.22.

In cryptocurrencies, bitcoin ​fell 0.44% to $76,863.78. Ethereum ‌rose 0.3% to $2,113.92.

Gold prices fell as energy-driven inflation stoked bets of higher U.S. interest rates this year amid faltering hopes ⁠for a U.S.-Iran peace deal.

Spot gold fell 1.03% to $4,523.39 an ounce. ​U.S. gold futures rose 0.1% to $4,525.60 an ounce.

(Reporting by Stephen Culp; Additional Reporting by Elizabeth Howcroft and Rae Wee; Editing by Joe Bavier)