US and Iran reach a draft agreement with the mediation of Pakistan – Iran’s ILNA

Iran’s ILNA news agency posted on their Telegram channel an Al-Arabiya TV claim about US and Iran reaching an agreement on a draft mediated by Pakistan. They say it’s expected to be announced in the next few hours. (h/t @LiveSquawk on X for catching this early)

The draft includes:

• Immediate and comprehensive ceasefire on all fronts
• The Parties mutually undertake to refrain from targeting infrastructure
• Freedom of navigation in the Persian Gulf and the Strait of Hormuz is guaranteed under a joint monitoring mechanism
• Sanctions will be gradually lifted in exchange for Iran’s compliance with the terms of the deal
• Negotiations on outstanding issues shall begin within a maximum of seven days

This is now getting more coverage. The risk sentiment improved with stocks rising, oil falling, USD and Treasury yields sliding.

This article was written by Giuseppe Dellamotta at investinglive.com.