At 5:30 a.m. Beijing time on Monday, Trump announced with a strong stance that the agreement with Iran has been completed, and the Strait of Hormuz will be open for free navigation. At the same time, Iran's deputy foreign minister confirmed that an agreement had been reached with the United States, with an official signing ceremony scheduled for June 19. U.S. Vice President Vance stated that Trump might attend the signing ceremony, and the U.S. side is still arranging logistics for the trip. First, neither side has released the text of the agreement, but its general framework has been circulating for several days, and it appears to be an agreement where both sides can declare "victory." Bloomberg quoted a U.S. official saying that Iran would receive corresponding economic rewards each time it meets a series of demands made by the U.S. (this is a highly conditional, step-by-step "compliance-for-benefits" memorandum). Second, this news was deliberately announced half an hour before the global markets opened, as closer to the opening it could have a more profound impact on the markets. Oil prices opened down 4%, while gold, silver, U.S. stock futures, and U.S. Treasury bonds all rose, with the 10-year U.S. Treasury yield falling to 4.43%. Third, it is noteworthy that most market volatility occurred within the first 10 minutes before the open, from 6:00 to 6:10. Starting at 6:11, oil prices stopped falling, and gold, U.S. stock futures, and other assets turned downward. This seems somewhat like a "buy the rumor, sell the fact" pattern combined with "liquidity vacuum repair." During Asian and European trading hours, oil prices are the barometer; in the evening, U.S. stocks become the barometer. Today is only the first half of the geopolitical game. From now until the official signing ceremony on June 19, the market will be in an extremely sensitive "news vacuum and verification period," where any small movement could trigger repeated tug-of-war among high-frequency funds.