Mike Baker

Or, if tradition holds, perhaps claims from the Iranians that a deal does not exist because they don't agree with the American terms of the agreement.

But let's put on our optimistic hat for now.

And for the time being, we'll go with what's being said by the White House and Pakistani mediators for the sake of this discussion.

The question then becomes, what exactly is in the agreement?

Well, that's where things become murkier than they already are.

And they are already pretty murky.

The Trump administration has confirmed the existence of an agreement, but many of the specific provisions remain unclear.

In the absence of an officially released text, analysts are still relying heavily on several leaked drafts that circulated over the past week.

Now, while those versions differ in several important ways, they do provide our best look, such as it is so far, at that Washington and Tehran supposed agreement.

Despite the differences, several themes appear consistently throughout the various drafts.

First, this appears to be an interim agreement or memorandum of understanding rather than a final settlement of any sort.

The reported framework establishes, reportedly, a 60-day negotiating period during which the U.S.

and Iran would attempt to reach a broader and more comprehensive accord.

In other words, while the fighting may be ending, the diplomacy is still in the beginning stages.

Second, there's that pesky Strait of Hormuz.

Unlike some of the other reported provisions, we now have direct confirmation from the White House that, according to the White House, the waterway is reopening.

President Trump specifically announced that commercial shipping would resume and that the U.S.

blockade would be lifted.

Now, obviously, reopening the waterway would help ease concerns in global energy markets.

Other recent positive statements regarding an agreement with Iran have helped to lower gas prices in the U.S.