Since the United States and Israel launched their surprise bombardment of Iran on February 28, the Strait of Hormuz has been effectively shut, oil prices have spiralled, and ordinary people across the world have felt the pinch at fuel pumps and grocery shelves. A conflict started to fulfill geopolitical objectives of the US and Israel has metastasized into a genuine global economic crisis. This is why the faint signs of a US-Iran deal deserve to be welcomed with both hands.

The outlines of a potential agreement are becoming visible, and they are more substantive than the usual........

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