Trump announced a framework agreement with Iran to reopen the Strait of Hormuz without detailing the exact terms. Markets immediately rallied on this de-escalation: the Kospi surged 18% in a single session, oil prices fell and Bitcoin gained ground. The five-month conflict appears to be pausing, but the strait remains closed on the ground. Tehran is simultaneously negotiating its own roadmap with Oman, undermining the actual scope of the deal with Washington. The White House previously announced a peace deal in April before strikes resumed in July.
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