Iran says it is reviewing new US proposal to end war

Iran said it was reviewing the new US offer after sources said the two sides had agreed to a one-page memorandum to end the war in the Gulf and leave thorny issues such as Iran’s nuclear program for later.

An Iranian foreign ministry spokesman said Iran would soon convey its reaction through Pakistan, which hosted the only peace talks of the war and has since served as the main channel of messages between the parties, Iran’s ISNA news agency reported.

US President Donald Trump did not give details about any specific proposal in his post on social media in the early hours of the morning, but said that the war could end “if Iran agrees to give what was agreed upon.”

He later told the New York Post that it was too early to consider meeting in person to sign a deal.

A Pakistani source and another source briefed on the mediation confirmed information first reported by US media outlet Axios about a 14-point, one-page memorandum proposal that would formally end the war.

Sources said that after the agreement, talks will follow on removing the shipping barrier in the Strait of Hormuz, removing US sanctions against Iran and accepting restrictions on Iran’s nuclear program.

“We will close this very soon. We are getting closer,” a Pakistani source said.

Reports of the possible deal caused global oil prices to fall, with benchmark Brent crude futures falling 11 percent to around $98 per barrel.

Global stock prices also jumped and bond yields fell on optimism that the war that has disrupted energy supplies would end.

“If Iran agrees to deliver what was agreed upon, which is perhaps a big assumption, the already legendary Epic Rage will end and the highly effective Blockade will allow the Strait of Hormuz to be OPEN TO EVERYONE, including Iran,” Trump said in his morning post.

“If they don’t agree, the bombing will begin, and unfortunately it will be at a much higher level and intensity than before,” Trump added.

Hours earlier, Trump had paused a two-day naval mission to reopen the blockaded strait, citing progress in peace talks.

Iran’s Revolutionary Guard responded by saying that if US “threats” had ended, passage through the strait would have been possible under the new conditions it had put in place.

The White House, the State Department and Iranian officials contacted by Reuters did not immediately respond to requests for comment.

The source providing information about the mediation said that the US negotiations were carried out by Trump’s envoy Steve Witkoff and his son-in-law Jared Kushner.

If both parties agree on a preliminary agreement, 30 days of detailed negotiations will begin to reach a full agreement.

The full agreement would include the US lifting sanctions and the release of frozen Iranian funds, Iran and the US lifting rival blockades of the Strait of Hormuz, and some restrictions on Iran’s nuclear program with the aim of a pause or moratorium on Iran’s uranium enrichment.

While the sources said the deal did not initially require concessions from either side, they did not mention several key demands the United States has made in the past, which Iran has rejected, such as halting Iran’s missile program and ending its support for proxy militias in the Middle East.

The sources mentioned potential restrictions on Iran’s future enrichment of uranium but did not mention Iran’s existing stockpile of more than 400 kg, already enriched to nearly weapons grade, which the US had previously demanded the US give up before the end of the war.

Iranian Foreign Minister Abbas Araqchi, who visited China, did not mention Trump’s latest statements, but said his country expects a “fair and comprehensive agreement.”