US, Iran Prepare for Deal Signing With Both Claiming Victory

Summary

Bloomberg's Josh Wingrove reports from Geneva ahead of the US-Iran peace deal signing, noting uncertainty over terms, the Strait of Hormuz, and whether the deal justifies the cost of prior US withdrawal from JCPOA.

• US and Iran to sign an interim peace memorandum in Geneva on Friday; text not yet released.
• The deal is expected to be around 14 points and lead to a 60-day ceasefire and nuclear negotiations.
• Vice President JD Vance will lead the US delegation; Iran represented by Parliament Speaker Ghalibaf.
• Trump says the Strait of Hormuz will remain toll-free after 60 days, but US officials have given mixed signals.
• Secretary of State Rubio is notably absent from the process; some reports of internal misgivings.
• Media commentary compares the deal to the JCPOA, questioning whether the prior US withdrawal was worth it.
• Oil traders and shippers are uncertain about how quickly the Strait of Hormuz will reopen.