US and Iran closing in on a MOU aimed at ending the conflict, CNN reports. US had received positive feedback from Pakistan on Tuesday that Iran was progressing toward a compromise, there was some scepticism, before a renewed diplomatic push occurred.

The potential Memorandum of Understanding (MOU) between the US and Iran reflects a notable shift in diplomatic efforts, suggesting a move towards de-escalation of tensions. If successful, this could positively impact market sentiment across risk assets and commodities, especially oil and gold, by easing geopolitical fears. However, skepticism about the negotiations persists, indicating that while progress is possible, the outcome remains uncertain.