Recent developments show the U.S. and Iran have reached a memorandum of understanding to end recent hostilities, reopen the Strait of Hormuz, and launch further talks on Iran's nuclear program, with the text virtually signed electronically by President Trump, Vice President JD Vance, and Iranian representatives. A formal ceremony is planned in Switzerland, yet reporting indicates no in-person physical signing by Trump himself is scheduled or required under current terms. Traders assign a 96.9% probability to "No" because the process has relied on remote approvals and digital execution amid ongoing diplomatic mediation, consistent with patterns where U.S. presidents often delegate or forgo personal signatures on preliminary frameworks. A physical signing by Trump could still occur if the administration shifts to a public in-person event or final accord within resolution windows, though no such plans have been confirmed.