The US and Iran are nearing a memorandum of understanding to end the war and resolve the nuclear issue, with international oil prices falling more than 10% due to the reopening of the Strait of Hormuz. WTI fell to $89 a barrel and Brent to $99 a barrel. Both sides plan to negotiate detailed terms for formally ending the conflict after signing the MOU.
The United States and Iran are reportedly discussing a memorandum of understanding to pause conflict and restart nuclear talks, potentially easing tensions in the Middle East and opening a path for negotiations on Iran’s nuclear program. The draft memo could include a halt to uranium enrichment, easing of US sanctions, and the unfreezing of Iranian assets, followed by a 30-day negotiation period for a more detailed agreement. US recognition of internal Iranian leadership uncertainty could complicate the path to a final agreement.