Preliminary U.S.-Iran pact lifts markets, but Hormuz reopening stays uncertain
A memorandum of understanding between the United States and Iran ended active hostilities, prompting a sharp rally in U.S. equities and a >4% drop in oil prices. The deal promises to reopen the Strait of Hormuz and freeze the war for 60 days, but the text is secret, nuclear talks and Israel’s role remain unresolved.