Qatari diplomatic teams have been making repeated trips to Tehran in an effort to finalize an agreement that would end the US-Iran conflict. The negotiations, which have included visits on May 22 and again on June 10, center on ending hostilities, resolving nuclear concerns, and unlocking frozen Iranian assets estimated between $12B and $24B. A draft agreement was reportedly agreed upon by mid-June, suggesting the talks have moved well past the “exploratory” phase and into something resembling actual deal-making.

What’s on the table

The frozen assets alone represent a staggering sum, with the $12B to $24B range covering the entire GDP of several small nations. Releasing that capital back into Iranian hands…