The US and Iran are close to signing a memorandum of understanding to reopen the Strait of Hormuz, with a possible signing ceremony in Geneva as early as Sunday, Bloomberg reported Friday, citing senior officials. The potential arrangement comes as Group of Seven (G7) leaders are set to gather in Evian, France, on June 15-17. A senior Iranian official indicated that a deal was likely, the report said, citing a G7 official who spoke on condition of anonymity because of the sensitivity of the matter. Another G7 official said the arrangement would likely take the form of a memorandum of understanding rather than a final agreement. Officials cautioned, however, that Iran has not yet confirmed it is ready for a […]