The US-Iran preliminary agreement is unquestionably the story of the day — and potentially of the year. If the framework holds and a formal peace is signed in Switzerland, it could reshape global energy markets, alter the Middle East’s security architecture, and provide economic relief to countries from Pakistan to Greece that have been battered by war-driven inflation.
But history counsels caution. Framework agreements have collapsed before, and the fact that both Washington and Tehran are claiming victory on the nuclear issue suggests the hardest negotiations may still lie ahead. For now, the markets are betting on peace. Whether that bet pays off will depend on what happens in the weeks and months to come.
