Oil prices fell and equities rallied on reports of a breakthrough between the US and Iran
Washington projects a deal, while Tehran describes it as an interim step toward a final agreement
Questions remain over sanctions relief, frozen assets and the reopening of the Strait of Hormuz
Key issues surrounding Iran's nuclear programme have been deferred to future negotiations
Differences over military operations in Lebanon remain a major obstacle to lasting peace
The region has seen failed ceasefires before. Implementation will matter more than announcements