Pakistan says US-Iran deal text agreed, trade impact

Pakistani Prime Minister Shehbaz Sharif said Friday that a "final, agreed upon text" of a deal between the U.S. and Iran has been reached. The announcement marks the closest the two countries have come to ending a war that has lasted more than three months.

Sharif, whose country has served as a mediator, wrote on X that Pakistan is working with both sides to finalize the next steps. "Peace has never been this close as it is now," he said.

President Donald Trump said Thursday in the Oval Office that the U.S. had made a "great settlement" of the war, subject to document finalization. Iranian Foreign Minister Abbas Araghchi wrote that a preliminary memorandum of understanding "has never been closer."

All three officials pushed back on details that have leaked publicly. Iran's Mehr News Agency published a list of 14 provisions in the draft, including U.S. commitments to lift oil sanctions, end its naval blockade, and release frozen Iranian funds. Trump responded angrily on Truth Social, saying the reporting "has NOTHING to do with the terms that were agreed to, in writing."

The conflicting signals leave markets guessing about the deal's content and timing. Oil traders are watching closely. If sanctions are lifted, Iranian crude could return to global markets, adding to supply and pressuring prices. Benchmark Brent moved lower on the headlines. Defense stocks that rallied during the conflict have given back some gains.

Exxon Mobil and Chevron, two U.S. oil majors with operations in the Gulf, would face increased competition from Iranian crude if the sanctions are removed. Lockheed Martin and Northrop Grumman, whose weapons systems have been in high demand during the war, could see orders slow if the conflict ends.

The next concrete marker is the formal signing of documents. Trump said the settlement is subject to "finalization of documents." No date has been set. Any further leaks or official statements could move markets before the text is signed.

Past rounds of negotiations have collapsed despite similar claims of progress. A breakdown would renew supply risk and spike oil prices again. The gap between the optimistic tone from Sharif and Trump and the angry denial of leaked terms suggests the deal may still face internal hurdles.

The biggest swing factor is what the actual terms say about oil sanctions. Immediate relief would trigger a sharp drop in crude and a rotation out of energy names. A phased approach would mute the reaction. Traders will parse every official statement for those details.

This is a developing story. The final text, once published, will determine the market path.