US, Iran reportedly getting close to a one-page memo to end the war

The report says that Washington is of the belief that an agreement is within reach as they are moving close to a one-page memorandum of understanding to end the war. Just take note though that the agreement here will be separate to nuclear talks, as it will also attach a framework for more detailed negotiations on the matter moving forward. As things stand, US officials are said to be expecting Iran's response to several key points in the next 48 hours. For now, nothing is agreed yet though but the sources claim that "this was the closest the parties had been to an agreement since the war began". One key detail that is positive for markets is that this agreement will see both sides lifting restrictions around transit through the Strait of Hormuz. Though at the same time, the US will also agree to lift its sanctions and release billions in frozen Iranian funds - interestingly enough. Axios adds that: "The one-page, 14-point memorandum of understanding (MOU) is being negotiated between Trump's envoys Steve Witkoff and Jared Kushner and several Iranian officials, both directly and through mediators. Two sources with knowledge also claimed Iran would agree to remove its highly enriched uranium from the country, a key US priority that Tehran has rejected up to now." I'm a bit skeptical on the final point about Iran ceding ground on the nuclear front. But we'll have to wait and see I guess. The full report can be found here . In any case, the risk mood is picking up on the headlines here. S&P 500 futures have climbed up to post gains of 0.7% while gold is racing higher by 3% to clip the $4,700 mark. In the major currencies space, the dollar is slumping across the board with EUR/USD now up 0.6% to 1.1765 and AUD/USD up over 1% to 0.7260 on the day. Oil prices are also dropping hard with WTI crude oil now down over 7% on the day to near the $95 level: This article was written by Justin Low at investinglive.com.