Verbal promises to ease sanctions—this script is so familiar it makes you want to check historical K-line charts.

ME News message: On May 24 (UTC+8), the agreement that the United States and Iran are about to sign involves a 60-day extension of the ceasefire, during which the Strait of Hormuz will be reopened. Iran will be able to freely sell oil and will enter negotiations regarding limits on Iran’s nuclear program. The United States will lift the blockade of Iranian ports and issue some sanctions waivers to allow Iran to freely sell oil. The draft memorandum of understanding includes Iran’s commitment to never pursue nuclear weapons. Iran has made an oral commitment to the United States through intermediaries that it is willing to make concessions within the scope of pausing uranium enrichment. (Source: PANews)