After nearly four months of fighting, the US and Iran have declared a memorandum of understanding aimed at halting hostilities between the two sides and reopening the Strait of Hormuz. Oil fell and stocks rose on the announcement that the conflict could soon be over, but a lack of details and ongoing fighting between Israel and Iran’s proxies in Lebanon have left many wondering if this is just a temporary reprieve.

On today’s Big Take podcast, Sarah Holder and Bloomberg National Security Editor Nick Wadhams look at what each side wants in a deal, how Israel fits into the equation and what to watch for ahead of the formal signing on June 19 in Switzerland.

Read more: Netanyahu Pays the Political Price for Iran Gambit With Trump

We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer.

Hosted by Sarah Holder; Produced by Rachael Lewis-Krisky; Reported by Nick Wadhams; Edited by Jeffrey Grocott.

Fact-checking by Laura Newcombe, Julia Press and Victor Swezey; Engineering by Alex Sugiura.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

See omnystudio.com/listener for privacy information.

How the US and Iran Might Spin Their Deal to End the War

Big Take

How the US and Iran Might Spin Their Deal to End the War