Overview
- Multiple outlets reported negotiators have drafted a memorandum to extend the ceasefire for about 60 days and ease shipping restrictions through the Strait of Hormuz, but President Trump has not signed the deal.
- Markets reacted sharply to the reports with U.S. indexes reaching record highs and global equities rising as oil prices fell into the low $90s per barrel for Brent and below $88 for WTI.
- Officials and state media offered conflicting accounts during the day with Iranian state TV publishing a draft that U.S. sources later called fabricated, leaving key wording and verification unresolved.
- Reported terms would bar Iran from imposing transit tolls, require removal of mines and include a phased U.S. easing of a naval blockade, though implementation depends on final text and vetting.
- Lower oil risk has already pushed the 10‑year U.S. Treasury yield down to about 4.45% and eased inflation pressure for importing economies, but shipowners may delay returning to the strait and the situation remains fragile.