Trump says U.S.-Iran peace deal is done, but hard questions still loom

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• In today’s CEO Daily: The pros and cons of the U.S.-Iran peace deal.
• The big leadership story: A warning from Amazon’s CEO triggered the Mythos shutdown.
• The markets: Stocks rally globally on news of the truce.
• Plus: All the news and watercooler chat from Fortune.

Good morning. The U.S.-Iran peace deal is “now complete,” President Donald Trump announced yesterday. With the news wedged between Trump’s post about his 80th birthday, which featured a UFC cage fight on the White House lawn, and a post insulting Sen. Jack Reed (D–R.I.) for condemning the deal, some might have dismissed the news as rhetoric. But Iran confirmed the deal, and a formal signing is set to take place on June 19 in Switzerland.

The good news is that the Strait of Hormuz can reopen and Trump has authorized an end to the U.S. naval blockade of Iranian ports. That should free up exports and lower oil and gas prices over time, not to mention fertilizer and other cargo. “Ships of the World, start your engines,” Trump posted online. “Let the oil flow!”

The lifting of U.S. sanctions should alleviate the suffering of the Iranian people, whose economy has been battered by the war. Sanctions relief could open the door to new business and market access to Iran. Markets are cheering the development, with U.S. stock futures surging, and stocks rallying across Europe and Asia. 

The bad news? Key issues like Iran’s nuclear program have yet to be worked out, and it’s not clear whether Lebanon and Israel’s priorities are included in the deal. Iranian state TV reportedly announced that the U.S. “was forced to sign an agreement to end the war.” In short, it’s too soon to tell if this will truly stick.

Contact CEO Daily via Diane Brady at diane.brady@fortune.com

This story was originally featured on Fortune.com