The US and Iran have signed a memorandum of understanding, mediated by Pakistan and Qatar, which ends hostilities and provides early returns for both sides. Shipping through the Strait of Hormuz is increasing, oil prices are decreasing, and Washington has issued a 60-day waiver on Iranian oil and petrochemical sales.
The agreement comes after weeks of litigation, but diverging claims on key points underscore the uncertain road ahead in converting the initial understanding into a final deal. Key points for negotiations include Iranian access to frozen financial assets, navigation through the Strait of Hormuz, and the return of international inspectors to Iranian nuclear sites.
Technical teams are due to reconvene for negotiations at the end of June, but the hardest work lies ahead, with both sides aware of the costs of letting the memorandum fall apart.
