Memorandum details emerge from G7
Senior US officials have dictated the terms of a memorandum with Iran that sets specific standards for diluting the country's enriched uranium and guarantees toll-free navigation through the Strait of Hormuz, AP News reported from the G7 summit in Europe. The development marks the closest the two nations have come to ending months of armed conflict since the US and Israel launched military operations against Iran.
Trump says deal close
President Donald Trump said on Wednesday that it would be unfair for Iran not to have ballistic missiles if other countries possess them, signaling flexibility in negotiations. He later stated a final deal 'could be signed tomorrow.' The White House has pushed for a swift resolution ahead of November's midterm elections, as high gas prices continue to weigh on American consumers.
Market reaction
Oil prices fell sharply and global stock markets surged on news of the prospective agreement. The Strait of Hormuz, through which about 20% of the world's oil passes, has been effectively closed during the conflict. Experts warned that even with a deal, traffic may not return to pre-war levels for months due to security concerns, naval mines, and unresolved toll disputes.