Pakistan, June 12 -- The United States and Iran have reportedly reached a preliminary understanding, with a memorandum expected to be signed on Sunday. The proposed agreement could ease regional tensions and revive diplomatic engagement between the longtime rivals. The development may affect global energy markets, regional security, and ongoing nuclear negotiations.

According to a Bloomberg report, the memorandum could be signed before the G7 summit begins in Geneva next week. Reports suggest both sides have agreed to reopen the Strait of Hormuz and implement a 60-day ceasefire. During the truce, negotiations on Iran's nuclear programme would continue while fighting pauses across all fronts.

Furthermore, reports indicate that sanctions ...