Source told media that negotiations between Tehran and Washington are “getting close”, adding that “we will close this very soon,” signaling an imminent breakthrough
MM Report
KARACHI: The United States and Iran are moving closer to an agreement on a one-page memorandum aimed at ending the war in the Gulf, according to a source familiar with the discussions.
The source said an earlier report by US media outlet Axios on the proposed memorandum was accurate. The Axios report cited two US officials and two other sources familiar with the talks. “We will close this very soon. We are getting close,” the source added. Last month, Pakistan hosted the only peace talks so far in the conflict and has continued to play a mediating role, ferrying proposals between the two sides.
Reports of a potential agreement triggered a sharp reaction in global markets, with Brent crude futures falling more than 8% to around $100 a barrel, while global equity markets rose and bond yields eased on expectations of a possible end to a war that has disrupted energy supplies. The White House, the State Department and Iranian officials contacted by media did not immediately respond to requests for comment.
US broadcaster CNBC quoted an Iranian foreign ministry spokesperson as saying Tehran was evaluating a 14-point US proposal. Axios reported that the White House believed it was close to finalizing a one-page memorandum to end the war with Iran. The report came hours after US President Donald Trump paused a three-day-old naval mission intended to reopen the Strait of Hormuz.
According to Axios, the US was expecting Iranian responses on several key points within 48 hours. The proposed agreement reportedly includes Iran committing to a moratorium on nuclear enrichment, the US agreeing to lift sanctions and release billions of dollars in frozen Iranian funds, and both sides easing restrictions on transit through the Strait of Hormuz.
The one-page, 14-point memorandum of understanding is being negotiated between US envoys Steve Witkoff and Jared Kushner and Iranian officials, both directly and through intermediaries, Axios reported. In its current form, the memorandum would declare an end to hostilities in the region and initiate a 30-day negotiation period for a detailed agreement covering the reopening of the strait, limits on Iran’s nuclear program, and the lifting of US sanctions.
