Al Arabiya reports:

• Agreement would immediately open Hormuz
• A Qatari-Pakistani proposal has revised the path of serious negotiations between Washington and Tehran
• Arrangements are underway to discuss the return of IAEA inspectors to Iran
• Washington has agreed to allow uranium enrichment inside Iran at a level of 3.67%, and Tehran has agreed
• Discussions are underway regarding the involvement of a third country to facilitate the reduction of highly enriched uranium levels in Iran (likely Russia IMO)
• A preliminary agreement on reducing Iranian uranium enrichment is likely

The S&P 500 is up 2.7% to 7573, a session high. Oil is also under pressure on the headlines.

Update: Axios leaker-in-chief Barak Ravid reported earlier that Trump spoke to the PM of Qatar for 45 minutes and now writes “A Diplomat briefed on the meetings between Trump and Vance and the prime minister of Qatar said they were “positive” and discussed ways to progress talks with Iran.”

Ravid is generally a White House mouthpiece which could either mean they were genuinely positive or that there’s some insider trading going on.