A Pakistani source has confirmed that the US and Iran are closing in on a one-page memorandum to end their conflict, Reuters reports

The confirmation of a potential one-page memorandum between the US and Iran to resolve their conflicts is a significant development that could lead to a de-escalation of tensions in the region. This may positively impact oil prices and supply dynamics, particularly concerning WTI, as market participants price in the possibility of increased stability and potential future cooperation. Traders should closely monitor commodity reactions, especially given the broader implications for energy markets and geopolitical risk.