The United States and Iran are close to finalizing a one-page memorandum aimed at ending the ongoing conflict in the Gulf, according to sources familiar with the negotiations. The reported breakthrough follows weeks of indirect talks and mediation efforts, including those facilitated by Pakistan.
A source confirmed that discussions have made significant progress, stating that both sides are nearing an agreement. Earlier reports by Axios indicated that US officials expect responses from Tehran on key points within 48 hours, signaling that negotiations have entered a critical phase.
The proposed memorandum outlines a framework to halt hostilities and initiate a 30-day negotiation period for a comprehensive agreement. Key provisions reportedly include a moratorium on Iran’s nuclear enrichment activities, the lifting of US sanctions, and the release of frozen Iranian funds. Additionally, both sides are expected to ease restrictions on transit through the Strait of Hormuz.
Meanwhile, the talks involve US envoys Steve Witkoff and Jared Kushner, who are engaging Iranian officials directly and through intermediaries. If finalized, the agreement would formally declare an end to the conflict and establish a roadmap for de-escalation.
Global markets reacted swiftly to the news. Oil prices dropped sharply, with Brent crude falling more than 8% to around $100 per barrel, reflecting optimism over the restoration of energy supply routes. At the same time, global equities rose while bond yields declined, indicating improved investor sentiment.
Earlier, US President Donald Trump paused “Project Freedom,” a naval mission intended to reopen the strait, citing progress in diplomatic efforts. Observers note that while challenges remain, the emerging agreement could mark a significant step toward regional stability.
