The memorandum of understanding aims to conclude hostilities, with formal signing expected Friday in Geneva.
US President Donald Trump and Iranian President Masoud Pezeshkian signed a memorandum of understanding to end the US-Israel war on Iran, according to a late Wednesday announcement. The agreement was electronically signed by both leaders after parliamentary and vice-presidential representatives finalized terms on Sunday.
Earlier statements from both governments indicated a formal signing ceremony would occur later this week. The pact is set to be officially signed in Geneva on Friday, potentially marking a shift in regional geopolitical tensions.
West Texas Intermediate crude oil rose 0.55% to $75.12 amid the news, reflecting market sensitivity to Middle East stability and oil supply dynamics.