Overview
- U.S. and Iranian officials say they electronically signed a memorandum of understanding that pauses open hostilities and schedules a formal in‑person signing in Geneva on Friday.
- The agreement calls for the U.S. to end its naval blockade of Iranian ports and for the Strait of Hormuz to reopen toll‑free after safety measures such as mine clearance are carried out.
- Key terms remain unpublished and contested, with U.S. and Iranian accounts differing on obligations for Israel and Lebanon and on whether and how frozen Iranian assets will be released.
- Markets reacted fast: crude prices fell more than 5 percent and Iran moved its first crude shipments in two months while thousands of vessels and insurance and port steps mean full trade recovery will take time.
- What happens next is a 60‑day technical negotiation period under IAEA oversight to resolve nuclear verification and enriched‑uranium plans and the deal’s durability will depend on Israel’s response, mine clearance and concrete verification steps.