The United States and Iran have confirmed a memorandum of understanding, brokered by Pakistan, outlining a potential ceasefire to end four months of conflict. Details of the agreement remain limited, but it establishes a framework for halting hostilities. The formal signing is scheduled to take place in Geneva on Friday. News of the potential ceasefire prompted a decrease in oil prices, reflecting market expectations of increased stability in the region. While the agreement is a significant step, its full implementation and long-term impact remain to be seen. Further details are expected to be released following the signing ceremony. The agreement aims to de-escalate tensions and potentially pave the way for further negotiations.