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The deal follows weeks of mixed messaging from both Washington and Tehran on the trajectory of the conflict.
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After enduring months of conflict, ordinary people in Iran were relieved to hear about the deal. Opposition groups were disappointed.
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The emerging agreement ends a costly war but leaves Iran's leadership intact and its nuclear future still subject to negotiation.
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An initial deal to end the war and open the Strait of Hormuz was expected to be signed this week.
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The gathering was originally expected to be a meeting focused on a variety of separate economic and security issues.
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