CNBC — 2026-05-06#

Lead Story#

The U.S. and Iran are nearing a 14-point memorandum of understanding to end the Middle East war, a framework that would mandate a moratorium on nuclear enrichment and a reopening of the Strait of Hormuz. This potential diplomatic breakthrough triggered a massive relief rally in global equities and a sharp plunge in crude oil prices, though President Donald Trump cautioned that it remains a “big assumption” that Tehran will finalize the agreement.