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And we start the week with the news that we have all been waiting for for months.
A Middle East deal on the prospect and not quite in time.
The US and Iran announced a proposed interim peace agreement that would end nearly four months of fighting
and reopen the Strait of Hormuz.
Trump saying the strait will reopen entirely and toll-free after the deal is signed later this week,
saying ships of the world, start your engines, let the oil flow.
Brent oil traded below $85 a barrel in reaction to the news,
down from a peak of over $125 a barrel at the height of the war.
And the stock market is shooting up like a rocket today in record kind of numbers.
But neither the US nor Iran has released the text of the 14-point negotiating blueprint,
what they’re calling a Memorandum of Understanding, which is scheduled to be signed Friday.
And Israeli officials said on X that they are not bound to the agreement.
This is The Big Take from Bloomberg News. I’m Sarah Holder.
Today on the show, Bloomberg’s National Security Editor Nick Wadhams on the US and Iran’s latest deal to make a deal.
What it will take for the two sides to come together and what it means for global markets.
Nick, neither the US nor Iran has yet released details of what is in this Memorandum of Understanding,
but based on what you’re hearing, what are the main areas that the two sides have agreed to hash out
over the coming days?
What we’re seeing here are broad contours right now with not a lot of specifics.