Iran and Washington have agreed to a memorandum of understanding. This document outlines future engagement between the two nations. Sanctions relief is linked to Iran's nuclear compliance and regional security. The Strait of Hormuz will open immediately. The US naval blockade on Iranian ports will be lifted. Formal signing is set for Friday in Geneva. Harder negotiations are still ahead.

Iran and US are close to signing a non-binding MOU to extend the ceasefire by 60 days and reopen the Strait of Hormuz, with crypto market implications.

Final details of the US-Iran MOU are still pending, but Hormuz transit and Iran sanctions relief could be bumpy in the near term.