The US is oscillating between deal or no deal with Iran. Every day we see media reports about differing conditions for the signing of an agreement, or a ceasefire, or a memorandum of understanding. Even if a deal is reached, it will be more of a framework for an agreement. Hence the path to a final accord still lies ahead of us and is still not secure. However, Iran could play it smart; it could hedge its bets and the best way to do that would be to start negotiating with the Arab Gulf states, and Saudi Arabia in particular.

Both sides are talking of a "memorandum of understanding" that aims to resolve all outstanding issues but what that understanding is remains unclear.

US President Donald Trump says the nations could be close to a peace deal. The big issues at stake include the fate of Iran’s nuclear program and reopening the Strait of Hormuz.