Stocks rose after a preliminary U.S.-Iran agreement, but questions remain over Hormuz, Israel and what follows a potential signing in Geneva.

“Deal with the Islamic Republic of Iran is now complete. Congratulations to all!"

The Hormuz ceasefire calmed markets fast, but Iran gained leverage, Israel lost tempo, and the Gulf faces a bigger resilience bill. What each actor actually won.

Key issues, like Iran’s nuclear program, remain unresolved.