This agreement from Trump sounds like a payment plan—first a ceasefire, and uranium enrichment can be discussed later. If the shipping restart is delayed by a few months, the market will have already absorbed it multiple times.

According to The New York Times, Trump said the U.S. and Iran have basically reached agreement on a deal, which may include ending the conflict, reopening the Strait of Hormuz, lifting some sanctions, and releasing approximately $25 billion in overseas assets. Iran agreed to stop multi-front conflicts and restore navigation through the strait in a memorandum of understanding; the U.S. said the core is that Iran gives up highly enriched uranium, with details to be left for subsequent nuclear negotiations. Resumption of shipping may take several weeks to several months.