With more moderate moves the Asian markets continue after the original rally caused by the agreement between the United States and Iran to end the American naval blockade and reopen the Straits of Hormuz.

Oil is stabilised at lower levels, with Brent negotiating around $74.4 a barrel and American WTI near $76.5, while the first export of Iranian argon after two months boosts expectations of normalising energy flows.

However, investors remain cautious, waiting for more details on the implementation of the agreement and the complete restoration of navigation in the Persian Gulf.

Milder moves after the original rally
The US-Iran deal caused a strong upward reaction to the Asian stock markets over the past few days, as investors were discounting geopolitical risk and reducing pressures on global supply chains.

However, Wednesday's image is more balanced. Markets continue to move upwards, but at a clearly milder pace than the initial wave of optimism. Investors now turn their attention to the arrangements for implementing the agreement and whether de-escalation will prove permanent.

In Japan, Nikkei maintained a positive mark, while Chinese markets moved mixed, as investors evaluate both geopolitical developments and weaker elements for China's industrial activity.

Oil recovers after two-day dive
Oil prices move slightly higher, recovering part of the major losses of previous days.

Brent is boosted by 0.6%, at $79.43 a barrel, while the American WTI records a corresponding 0.6% rise, at $76.53.

This small recovery follows two successive meetings of intense losses. Both Brent and WTI retreated about 5% on Tuesday, for a second day in a row, touching the lowest levels in the last three months, as markets were discounted that the US - Iran agreement would allow normalization of navigation in the Straits of Hormuz and the return of more oil to the international market.

"The oil markets retreated due to expectations that the Straits of Hormuz will reopen after the peace agreement, but investors avoided further liquidations pending more details," commented Nissan Security Investment, Hiroyuki Kikukava's strategic chief.

He estimated that the American slow WTI may remain highly volatile, moving up to $10 over or below the $80 level per barrel.

The first export of Iranian argon after two months
An important development for the energy market is the first export of Iranian crude oil after two months.

According to shipping information company TankerTrackers, Iran proceeded to first export crude after the agreement with the United States to end the American naval blockade.

Based on monitoring data confirmed through satellite images, at least two tankers of the National Iranian Tank Company (NITC) crossed the blockade line, carrying a total of about 3.8 million barrels of crude oil.

This development is considered to be the first tangible indication that the agreement begins to produce economic results, strengthening expectations of a gradual increase in supply on the global energy market.

The terms of the Agreement
More details on the framework of the agreement began to become known on Tuesday.

U.S. President Donald Trump said the deal excludes the acquisition of a nuclear weapon from Iran, while an American official said that after its official signing Tehran would be allowed to fully restart oil sales.

The memorandum of understanding, which has not yet been published, extends for another 60 days the fragile truce agreed in April to continue negotiations on a permanent settlement.

Based on the information that has become known, the United States will lift the blockade of Iranian ports, while Tehran will allow the safe passage of tankers from the Straits of Hormuz, which had virtually paralyzed after the American and Israeli attacks of 28 February.

The difficult task of demining
Despite the agreement, the complete reopening of the Straits of Hormuz remains uncertain.

Donald Trump initially stated that the sea route has already been opened, but later clarified that full reopening will take place after the signing ceremony in Geneva on Friday.

The U.S. government is calling on Iran to remove the mines allegedly placed in the region in order to ensure safe navigation.

According to a White House document, Tehran is invited to proceed with full demining and remove any obstacle affecting ship traffic.

American official estimated that traffic could return to normal paces within about 30 days, as Iran moves directly.

However, the senior RAND Corporation engineer, Scott Savich, warned that the process would be extremely difficult.

"Iran is very effective in setting mines, but their elimination and removal is a completely different business," he said.

As he explained, demining requires high know-how, specialized equipment and significant financial resources, and it is not certain that Tehran has accurate data on all locations where mines have been placed.

Washington has left open the possibility of direct involvement if delays are found by the Iranian side.

According to an American official, the United States could help neutralize the mines, arguing they now know the areas where they have been placed.

The American side considers that even the removal of a limited number of mines at critical points could allow safe maritime corridors to be created and speed up the return of commercial navigation.

Israel reserves reservations
Despite the positive reaction of the markets, Israel continues to skepticize the agreement.

Israeli officials have kept their distance from both the April and the new American-Iranian agreement, creating questions about its long-term stability.

On Tuesday, Israeli drones attacked three vehicles in southern Lebanon, resulting in at least four people being killed and others injured. Donald Trump even proceeded to a rare public rebuke of Israeli military actions.

A poll of Israeli public broadcasting Kan shows that only 18% of citizens support the agreement, while 55% say otherwise.

At the same time, about 70% of respondents said that Iran still considers Iran a serious threat to Israel's security.

China and American stocks in focus
Investors are closely monitoring the latest data on global oil demand.

In China, crude oil treatment declined by 9.1% in May on an annual basis, at the lowest level of nearly four years, an indication that refineries began to use reserves created during the crisis.

In the United States, data from the American Oil Institute (API) showed that crude reserves were reduced by 8.3 million barrels a week completed on June 12, significantly more than analyst forecasts for a 4.6 million barrels reduction.

Markets now await official US Energy Intelligence (EIA) data, which may affect the next price movement.

The markets are waiting for Geneva
The official signing of the agreement in Geneva on Friday is considered the next critical milestone for the markets.

Until then, investors will closely monitor Iran's export progress, developments around demining the Straits of Hormuz and political reactions in the Middle East.

At present, the picture shows that the market has already assessed much of the de-escalation. For this reason, oil does not continue the steep fall of previous days, but stabilizes below $80 a barrel for Brent, while Asian markets retain the positive signal without repeating the original rally.