Iran ceasefire deal long priced in by markets nears signing, FT reports

A ceasefire arrangement between the U.S. and Iran that markets have been pricing in for weeks could be signed within hours, the Financial Times reported. The two sides are said to be closing in on a 60-day ceasefire extension paired with a nuclear framework, and Iran is finalizing a memorandum of understanding to formally end the war. Former President Donald Trump said he is "getting a lot closer" to an agreement and could make a decision as soon as Sunday, according to Axios. Speaking in India, Senator Marco Rubio said "there may be news later today regarding Iran." The reported framework would reopen the Strait of Hormuz, address Iran's uranium stockpile, ease sanctions and gradually begin unfreezing Tehran's overseas assets. Brent crude settled Friday at $103.54, down 5% for the week.