Pakistani mediators say the U.S. and Iran are close to an agreement including gradual reopening of the Strait of Hormuz and a 60-day ceasefire. This comes after Iran had shut Western airspace amid strike fears. Deal still possible. De-escalation could ease oil supply risks short-term and support risk assets on reduced macro/geopolitical tension. But until signed, it’s headline driven volatility. “Close to” isn’t done. Watch oil prices and market reaction closely.