US and Iran closing in on one-page memorandum to end war, sources say; Trump threatens bombing if no deal agreed
Ariba Shahid, Steve Holland And Alexander Cornwell
Islamabad/Washington/Tel Aviv: The United States and Iran are close to reaching a one-page memorandum to end the war in the Gulf, a source from mediator Pakistan and another source with knowledge of the mediation said.
US President Donald Trump did not detail any specific proposals in his social media post in the early hours of the morning, but said the war could end “if Iran agrees to deliver what was agreed upon.”
Sources confirmed initially reported information By US media outlet Axios. The proposed 14-point, one-page memorandum would formally end the war, followed by discussions to lift the shipping barrier in the Strait of Hormuz, lift U.S. sanctions on Iran and accept restrictions on Iran’s nuclear program.
A source from Pakistan, which has hosted the only peace talks of the war so far and continues to serve as a mediator by making suggestions between the parties, said, “We will close this very soon. We are getting closer.”
Reports of the possible deal sent global oil prices plunging, with benchmark Brent crude futures falling 11 percent to around US$98 ($135) 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 three-day naval mission to reopen the blockaded strait, citing progress in peace talks.
The Iranian Revolutionary Guard responded, without giving details, by saying that if the US’s “threats” had ended, passage through the strait would have been possible under the new conditions it had implemented.
The White House, the State Department and Iranian officials contacted by Reuters did not immediately respond to requests for comment. US news channel CNBC A spokesman for Iran’s foreign ministry said Tehran was evaluating the US’s 14-point proposal.
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 sides agree on a preliminary agreement, 30 days of detailed negotiations will begin to reach a full agreement, the source said.
The source said the entire deal would involve the United States lifting sanctions and releasing frozen Iranian funds, Iran and the United States lifting rival blockades in the Strait of Hormuz, and imposing restrictions on Iran’s nuclear program to ensure a pause or moratorium on Iran’s uranium enrichment.
While the sources said the deal did not initially require concessions from either side, the sources and Axios did not mention many of the key demands Washington has made in the past that were previously rejected by Iran.
Among the unmentioned US demands: halting Iran’s missile program and ending support for proxy militias in the Middle East.
While the sources mentioned a moratorium on Iran’s future uranium enrichment, they did not mention Iran’s current stockpile of more than 400 kilograms of uranium enriched to near-weapons-grade levels.
Washington had previously demanded that Iran give up before the war ended. Iran has in the past insisted on its right to enrich uranium for peaceful purposes and rejected requests to build an atomic bomb.
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