India, June 16 -- The progress over a US-Iran peace deal finally seems to be materialising after much back and forth as the two sides virtually signed a Memorandum of Understanding (MoU) on Monday.

The document was signed virtually by President Donald Trump, Vice President Vance and Iranian parliamentary speaker Mohammad Bagher Ghalibaf, according to US officials. The interim document that ends months of war will be signed physically on Friday in Geneva, Switzerland. Talks are expected to begin soon after.

Buoyed by positive progress on Iran-US truce, oil prices extended losses on Tuesday, as markets weighed prospects for resumption of supply through the key Strait of Hormuz.

Here are some key questions about the peace deal answered: ...