U.S. and Iran Sign Memorandum to Launch 60-Day Negotiations on June 18

According to Jin10 Futures, the U.S. and Iran signed an electronic memorandum on Wednesday evening, with both sides scheduled to sign a formal agreement on Friday. The memorandum takes effect on Wednesday, initiating a 60-day negotiation period. An Iranian Foreign Ministry spokesman stated that the U.S. committed to lifting all types of sanctions against Iran upon completion of the upcoming talks. Short-term improved expectations for Strait of Hormuz passage on the supply improvement drove crude oil futures lower, with fuel oil falling nearly 3% in early trading.
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