Trump hails U.S.-Iran preliminary deal as oil prices fall and 60-day talks begin

The U.S. and Iran signed a preliminary memorandum of understanding that opens a 60-day window for negotiations, with talks expected to cover Iran’s nuclear program, sanctions relief and restoring commercial shipping through the Strait of Hormuz. After the signing, Brent and West Texas Intermediate crude prices fell and the U.S. national average gasoline price slipped below $4 per gallon. Markets appeared to react to expectations of reduced geopolitical risk and a potential return of Iranian supply, though the framework is described as fragile with unresolved disputes.