A tentative US-Iran deal is moving forward but still has major sticking points, which is mildly positive for stock and oil markets if it holds.

• Iran wants its frozen assets unfrozen and 30-60 more days to negotiate the nuclear program.
• Trump now wants all of Iran's enriched uranium handed over, not just the highly enriched portion.
• Iran has agreed in principle to dispose of some of its uranium stockpile, but how much is unclear.
• Israel is pushing to keep the right to hit Hezbollah in Lebanon, which could blow up the deal.
• Trump's approval is at a term low and even the Wall Street Journal editorial board is attacking him, so he badly needs a win.

Outlook: A partial deal reopening the Strait of Hormuz looks likely within days, which would lift stocks and push oil lower even if full terms take much longer.