Mike Baker

How sophisticated.

Who knew we're still using fax machines?

Okay, fair enough.

They may have sent it by email or TikTok or Instagram.

I really don't know.

Iranian President Mossad possession then signed the agreement on behalf of the Islamic Republic.

The move formally transitions both sides from military operations to a 60-day period of negotiations.

Now, the memorandum or agreement contains several provisions that have already received significant attention.

First off, the U.S.

has agreed to issue waivers allowing Iranian oil exports to resume.

The agreement also establishes a framework for a massive reconstruction and economic development fund reportedly worth as much as $300 billion.

How many of those billions are going to end up in the IRGC's pockets?

You just have to wonder.

In addition, both sides have committed to a 60-day negotiating period.

intended to address the technical details of a longer-term settlement.

Basically, the signed memorandum represents a 60-day ceasefire, during which the two sides will supposedly discuss all the key issues which currently remain unresolved."

Financial markets appear to be reacting positively to the agreement, at least for now, but that is not unusual.

As we've mentioned here on the PDB in the past, the energy and financial markets over the past couple of months have shown themselves to be responsive to any positive or optimistic statements or social media posts from the White House.

They've been very fickle.

Oil prices have continued to decline as traders price in the prospect of Iranian crude returning to global markets and a reduced risk of further disruptions in the Strait of Hormuz and surrounding region.