An agreement to end hostilities and begin a 60-day negotiation process on several pre-agreed key issues between the United States and Iran was announced on Monday, following more than 100 days of war that began with US-Israeli strikes on Tehran on February 28.

This "deal-to-do-a-deal" offers a potential pathway to stability in a region desperate for peace after months of uncertainty, Iranian bombing of US military assets, and Israeli occupation of Lebanese territory.

While the full text of the agreement, slated for formal signing in Geneva on Friday, remains unreleased, reports indicate a 60-day timeframe for reaching a final settlement on Iran's nuclear program and its 440kg stockpile of highly enriched uranium. During this period, $24 billion in frozen Iranian assets are reportedly set to be released, though the US has not confirmed these details.

Crucially, discussions concerning Iran's missile program and its support for regional proxy groups have been removed from the immediate negotiating agenda, despite initial US demands. This defers the core disagreements that precipitated the conflict.

Analysts describe the current agreement as a framework for future negotiations rather than a substantive resolution. "Nothing substantive has been negotiated yet on the nuclear programme," stated Maneli Mirkhan, a strategic adviser on Iran and global affairs. "The memorandum is a framework for opening negotiations, not the result of them."

The deferral of these complex issues means that over the next two months, negotiators will face the challenge of addressing long-standing diplomatic hurdles that have plagued US-Iran relations for decades. The outcome of these upcoming talks will determine whether the current truce can evolve into lasting peace or if the underlying conflicts will resurface.

The reopening of the Strait of Hormuz and a subsequent fall in oil prices have been welcomed by global markets, signaling a potential economic reprieve after weeks of disruption. However, the ongoing Israeli attacks in Lebanon cast a shadow over the broader regional stability.

Key questions remain about the political will and feasibility of reaching a comprehensive agreement on Iran's nuclear activities and regional influence within the tight 60-day window, especially given the history of contentious diplomacy between the two nations.