Commodity Compass - 6/12 - More Peace Deal Optimism Rebounds Metal Markets

This week brought the most substantive Iran deal developments since the conflict began. Axios, which hasbeen the primary source of White House leak intelligence throughout the Hormuz crisis, published a detailed walkthrough of the MOU text on Thursday night.According to a diplomat from one of the mediating countries, the U.S. and Iran have agreed on language that calls for the Strait of Hormuz to reopen immediately without tolls, with a return to pre-war shipping volumes within 30 days. Iran would receive temporary sanctions waivers allowing it to sell oilfor 60 days, with further relief tied to compliance. The framework would extend the ceasefire for 60 days, during which nuclear negotiations would be held. Four U.S. Air Force C-17 planes departed to Europe on Thursday, positioning fora potential signing ceremony in Geneva. VP Vance may attend.