[MARKET UPDATE] Broad risk on after US-Iran reportedly agree to extend MoU; Brent falls over USD 1/bbl, stocks, Fixed Income and high-beta FX lifted; move begins reversing within two minutes

Reported de-escalation between Washington and Tehran has a well-worn template: crude sheds its geopolitical risk premium first and fastest, with Brent and WTI leading, while equities, duration and high-beta FX follow on the relief leg and the dollar softens as the safe-haven bid unwinds. The detail that matters here is the two-minute reversal, which is the classic signature of a headline-driven algo burst fading once discretionary flow declines to chase an unconfirmed 'reportedly'. MoU extensions in this relationship have historically been procedural rather than substantive, and prior episodes show the premium rebuilds quickly when follow-up reporting fails to materialise or is walked back. The distinction worth drawing is between an extension of an existing understanding, which caps downside in crude only briefly, and any actual framework terms, which would reprice the supply outlook more durably through expectations for sanctioned barrels returning. The tells are confirmation or denial from either capital, wire follow-through beyond the initial source, and whether Brent holds the break of the pre-headline range or retraces it fully, with options skew in crude the cleaner read on how seriously the move is being treated.