The United States and Iran have reached a preliminary agreement on a 60-day ceasefire while awaiting a final decision from President Donald Trump.
Washington and Tehran have reportedly reached a draft agreement to extend the ceasefire for another 60 days. Despite positive progress, the world is now awaiting President Trump's signature, who is still reviewing the terms of the agreement to ensure that no "bad deal" is signed.
Among the main terms tentatively agreed upon is the need for Iran to clear all mines in the Strait of Hormuz within 30 days. This step is critical to ensuring that the flow of commercial shipping returns smoothly without any restrictions, thus easing inflationary pressures that burden the pockets of the people.
Vice President JD Vance gave the impression that the negotiations are moving in the right direction even though there are still detailed discussions about Tehran's nuclear capabilities.
The United States remains firm on three main conditions: the reopening of the strait, the handover of enriched uranium and the termination of Iran's nuclear program.
News of this potential peace immediately had an impact on world commodity markets. US crude oil prices fell about 0.4 percent to $88.60 a barrel early Friday, while Asian stock markets were expected to rise on improving investor sentiment.
Despite the glimmer of hope, there are still some “thorns in the flesh” that need to be resolved. Iran is demanding the release of all its frozen financial assets worth $12 billion, while tensions in Lebanon are also adding to the complexity of reaching a comprehensive agreement to end the war.
