Diplomatic momentum between the United States and Iran centers on a memorandum of understanding to extend the ceasefire, reopen the Strait of Hormuz, and initiate 60 days of follow-on negotiations on Iran's nuclear program and sanctions relief. Recent statements from President Trump indicate the core text is largely finalized, with the time and place of any signing to be announced shortly, potentially in Europe or via remote ceremony ahead of the G7 summit. Pakistani mediation has facilitated draft exchanges, and both sides have signaled progress on initial framework issues while deferring contentious details. Trader assessments reflect these statements alongside remaining approvals in Washington and Tehran, as well as scheduled high-level consultations that could trigger or delay a public announcement of signing logistics.