Alex Ward

Boy, what a surprise this was.

Yes, the deal is in effect as of Wednesday.

President Trump surprisingly signed the deal while having dinner in Versailles.

And Iran says that their president has signed it as well.

And so this deal is now operational.

That kicks off 60 days of discussion over the nuclear file, right?

Because when we talk about the Iran deal, I think we need to separate two things.

We need to say...

This memorandum of understanding is really an agreement to reopen the Strait of Hormuz.

That is really what this is about.

It does set up larger negotiations over the nuclear file.

And that's what's going to be happening now that this deal has been signed this weekend.

You're going to see Vice President J.D.

Vance and the Iran envoys Jared Kushner and Steve Witkoff.

They all are expected to arrive in Lucerne to start those negotiations.

And so the Iranians will be coming as well and some mediators from the countries of Pakistan and Qatar.

We've already been seeing some movement, but this is going to be a long-term process.

As much as President Trump said it'll be fully reopened by Friday, that's just not how commercial shipping works.

There also is the small matter that there are mines in the strategic waterway through which about a fifth of the world's oil supply flows.

So it's going to take a few weeks, at least perhaps more to get fully up and running.