US, Iran Reach Preliminary Deal on 60-Day Comprehensive Ceasefire; Tehran Sees Lower Risk of War

Relations between the United States and Iran have long been strained by disputes over Tehran’s nuclear program, sanctions and proxy conflicts across the Middle East, while fronts including Lebanon also affect regional security and energy supplies. Previous escalations intensified volatility in global risk assets. If implemented, a comprehensive ceasefire could reduce geopolitical risk and help stabilize cryptocurrency markets that had been hit by the tensions.

Iranian officials recently said the United States and Iran had drafted a preliminary agreement under which Washington would commit in the first phase to a comprehensive 60-day ceasefire across all fronts, including Lebanon. The two sides have yet to announce a formal signing or effective date. Iran’s Islamic Revolutionary Guard Corps remains on a war footing, but Tehran assesses that the likelihood of another war with the United States has declined.