Trump and Iranian officials have reached and signed a preliminary memorandum of understanding to end recent hostilities, reopen the Strait of Hormuz, and launch 60 days of further talks on nuclear issues and sanctions. President Trump signed a hard copy of the framework during the G7 summit in France, with the document now described as in effect by administration officials. This sequence of confirmed actions, including electronic and physical signatures, has produced near-unanimous trader consensus that a deal meeting the market’s physical-signature condition has occurred. Remaining uncertainty centers on whether implementation disputes or breakdowns in the follow-on negotiations could prompt any formal reversal or reinterpretation of the signed text before market resolution.