Official signing of the memorandum of understanding (MOU) is expected to be held on Friday 19 June in Switzerland, after which 60 days of negotiations will commence – covering areas such as sanctions and Iran’s nuclear program.
Oil prices dropped quickly after the announcement reaching USD 80-81 per barrel on Monday morning (AEST). Yields on 10 year bonds also dropped to 4.770% after peaking above 5% in late April.
Iran's Deputy Foreign Minister Kazem Gharibabad confirmed to Iranian state TV that a deal with the US had been finalised.
The extensive talks between the two parties were led by Pakistan with Prime Minister, Shehbaz Sharif, acting as central mediator. Mr Sharif confirmed that the agreement included immediate, permanent termination of military operations on all fronts (ABC).
See here for information on what trade recovery could look like after the Strait of Hormuz reopens.
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