The announcement of a new agreement between the United States and Iran has been greeted with relief across global markets. Oil prices have eased, shipping insurers have relaxed and politicians have rushed to hail a diplomatic breakthrough.
The memorandum of understanding, which both sides have agreed to and are expected to formally sign in Switzerland on June 19, has even been described by some as a peace deal that will formally end the conflict. Yet that risks overstating what has actually been achieved.
