The international community greeted news of an impending one-page memorandum of understanding between the United States and Iran designed to put an end to their ongoing dispute with initial optimism. There was a steep drop in the price of Brent crude oil, which at one point reached as low as $97 per barrel. European and Asian stock exchanges also registered positive gains, on expectations that the agreement will allow for the re-opening of the strategically important Strait of Hormuz and ensure stability in global energy supplies. Nevertheless, this optimism is conditional as, even though some high-ranking members of the US government believe that this is just a matter of time before an agreement is reached, President Donald Trump himself made it clear that failure to do so will result in military escalation. Iran’s representatives have also indicated that the offer is being considered.

Courtesy :U.S. Navy photo