Washington, United States. The United States and Iran are close to agreeing on a one-page memorandum to end the war in the Gulf, a Pakistani source familiar with the negotiations said. The source said a report by Axios on the proposed memorandum was accurate.
Pakistan mediation and status of talks
“We will close this very soon. We are getting close,” the Pakistani source said. Pakistan hosted the war’s only peace talks so far last month and has continued to act as mediator, ferrying proposals between the sides.
Market reaction
Reports of a possible agreement to end the war caused global oil prices to plunge, with benchmark Brent crude futures falling more than 8% to around $100 a barrel. Global share prices also rose and bond yields fell on optimism that the war disrupting energy supplies could end.
Official responses and reported proposal
The White House, the State Department and Iranian officials contacted by Reuters did not immediately respond to requests for comment. CNBC quoted a spokesperson from the Iranian foreign ministry as saying Tehran was evaluating a 14-point U.S. proposal.
Axios report details and timeline
Axios reported that the White House believed it was closing in on a one-page memorandum to end the war with Iran, hours after U.S. President Donald Trump paused a three-day-old naval mission to reopen the Strait of Hormuz. Axios said the U.S. expected Iranian responses on several key points within 48 hours.
Reported provisions and negotiators
Axios said the deal would involve Iran committing to a moratorium on nuclear enrichment, the U.S. agreeing to lift sanctions and release billions of dollars in frozen Iranian funds, and both sides lifting restrictions around transit through the Strait of Hormuz.
Axios said the one-page, 14-point memorandum of understanding was being negotiated between U.S. envoys Steve Witkoff and Jared Kushner and several Iranian officials, both directly and through mediators.
Next phase under proposed memorandum
Axios reported that, in its current form, the memorandum would declare an end to the war in the region and start a 30-day period of negotiations on a detailed agreement to open the strait, limit Iran’s nuclear programme and lift U.S. sanctions.
What would you most want clarified about the reported terms of the proposed memorandum?