Stocks ended the week on a better note than they started, rallying to close at session highs as crude oil scored its best daily performance in seven years.
The S&P 500 was up 1.95%, the Dow Jones Industrial Average gained 2%, and the Nasdaq climbed 1.7%.
This isn't the first time talk of production cuts in the Middle East have boosted prices in the past few weeks.
"The market has had some practice regarding this kind of exercise in recent weeks, with prior rallies off Russian comments and the Venezuelan tour generating prior recovery attempts, helping to train the market to be both skeptical regarding the prospects for actual cuts and, if anything, more aggressive in trading on the headlines," said Timothy Evans, energy futures specialist at Citi.
West Texas Intermediate crude oil rocketed 10.7% higher for the day after the United Arab Emirates energy minister said the Organization of the Petroleum Exporting Countries was open to cutting output.
Prices have recently been in a tailspin on concern over a supply glut and the inability of some of the largest oil-producing countries to address it. West Texas Intermediate crude oil remained down for the week, though, after closing at its lowest level since May 2003 on Thursday.