Iran, US Near Ceasefire Framework Deal
Collected Photo
The United States and Iran have moved close to agreeing on a one-page memorandum aimed at ending the Gulf conflict, according to a Pakistani source involved in the mediation, Reuters reported.
The Pakistani source confirmed that an earlier report by US outlet Axios on the proposed framework was accurate. Axios cited two US officials involved in the talks, along with two additional sources familiar with the discussions.
“We are very close. We will complete it soon,” the Pakistani source said.
Pakistan hosted the only known peace talks on the conflict last month and has since continued its role as a mediator, facilitating the exchange of proposals between the two sides.
The prospect of a potential agreement to end the war triggered a sharp fall in global oil prices. Brent crude futures dropped more than 8 percent, falling to nearly $100 per barrel. Optimism over easing disruptions to energy supplies also lifted global stock markets, while bond yields declined.
US broadcaster CNBC, citing an Iranian Foreign Ministry spokesperson, reported that Tehran is reviewing a 14-point proposal presented by the United States.
Axios reported that the White House believes it is close to finalizing a one-page memorandum with Iran to end the conflict. The report came hours after US President Donald Trump suspended a naval operation launched three days earlier aimed at reopening the Strait of Hormuz.
According to Axios, the United States expects Iran to respond on several key issues within the next 48 hours.
Axios further reported that under the proposed arrangement, Iran would agree to suspend uranium enrichment activities, the United States would lift sanctions and release several billion dollars in frozen Iranian assets, and both sides would remove restrictions on navigation through the Strait of Hormuz.
Source: Reuters (adaptive)
