As the dust settles, the reported US-Iran Memorandum of Understanding (MoU) framework appears to deliver a 60-day ceasefire or negotiating window, a phased reopening of the Strait of Hormuz, waivers for Iranian oil exports, a framework for nuclear talks, and the possibility of broader sanctions relief and reconstruction funding.

But, as Citadel Securities head of fixed income, Nohshad Shah, notes it does not deliver full nuclear disarmament, regime change, or a comprehensive answer on missiles, drones, or proxy capability. Nor does it remove the global economy’s exposure to Iranian leverage over the Strait.