Axios: US and Iran closing in on one-page memo to end war
The United States and Iran are closing in on an agreement on a one-page memorandum to end the war in the Gulf, a source from mediator Pakistan and another source briefed on the mediation said.
The sources confirmed information initially reported by the U.S. media outlet Axios. The proposed 14-point, one-page memorandum would formally end the war, followed by discussions to unblock shipping through the Strait of Hormuz, lift U.S. sanctions on Iran and agree curbs on Iran's nuclear programme.
'We will close this very soon. We are getting close,' said the source from Pakistan, which hosted the war's only peace talks so far and has continued in that role of mediator, ferrying proposals between the sides.
Reports of the possible agreement caused global oil prices to plunge, with benchmark Brent crude futures falling more than 8% to around $100 a barrel . Global share prices also leapt and bond yields fell on optimism of an end to a war that has disrupted energy supplies.
The memorandum was disclosed hours after U.S. President Donald Trump paused a three-day-old naval mission to reopen the Strait of Hormuz, citing progress in peace talks. Iran said now that U.S. 'threats' had ended, passage through the strait would be possible under new terms it was putting in place, without giving details.
The White House, the State Department and Iranian officials contacted by Reuters did not immediately respond to requests for comment. U.S. news channel CNBC quoted a spokesperson from the Iranian foreign ministry as saying Tehran was evaluating a 14-point U.S. proposal.
The source briefed on the mediation said the U.S. negotiations were being led by Trump's envoy Steve Witkoff and son-in-law Jared Kushner.
If both sides agreed on the preliminary deal, that would start the clock on 30 days of detailed negotiations to reach a full agreement, the source said.
The source said the full agreement would include the U.S. lifting sanctions and releasing frozen Iranian funds, Iran and the United States lifting competing blockades on the Strait of Hormuz, and curbs on Iran's nuclear programme, with the aim of seeking a pause or moratorium on Iranian enrichment of uranium.
While the sources said the memorandum would not initially require concessions from either side, the sources and Axios did not mention several of the key demands that Washington has made in the past and that have previously been rejected by Iran. U.S. demands that were not mentioned include: curbs on Iran's missile programme and an end to its support for proxy militias in the Middle East.
The Axios report said the U.S. expected Iranian responses on several key points in the next 48 hours.
TRUMP PAUSES MISSION TO UNBLOCK STRAIT Earlier, Trump announced a pause to 'Project Freedom', a mission he had announced two days earlier to guide ships through the blocked strait.
The mission had failed to bring about any significant resumption of traffic through the waterway, while provoking a new wave of Iranian strikes on ships in the strait and on targets in neighbouring countries.
In the latest incident, a French shipping company reported on Wednesday that one of its container ships had been struck in the strait the previous day, and that injured crew had been evacuated.
In announcing he was pausing the mission, Trump cited 'great progress' in negotiations with Iran, without giving further details. 'We have mutually agreed that, while the Blockade will remain in full force and effect, Project Freedom (The Movement of Ships through the Strait of Hormuz) will be paused for a short period of time to see whether or not the Agreement can be finalized and signed,' Trump wrote on social media.
Trump had said last week he was likely to reject Iran's latest proposal for talks. The Iranian offer also contained 14 points, and also called for setting aside discussion of nuclear issues until after the war ended and the shipping dispute was resolved.
In comments on a visit to China on Wednesday, Iran's Foreign Minister Abbas Araqchi made no mention of Trump's latest remarks, but said Tehran was holding out for 'a fair and comprehensive agreement'.
A map showing the inbound and outbound shipping lanes in the Strait of Hormuz, in addition to the the maritime boundary between Oman and Iran.
The United States and Iran are closing in on an agreement on a one-page memorandum to end the war in the Gulf, a source from mediator Pakistan and another source briefed on the mediation said.
The sources confirmed information initially reported by the U.S. media outlet Axios. The proposed 14-point, one-page memorandum would formally end the war, followed by discussions to unblock shipping through the Strait of Hormuz, lift U.S. sanctions on Iran and agree curbs on Iran's nuclear programme.
'We will close this very soon. We are getting close,' said the source from Pakistan, which hosted the war's only peace talks so far and has continued in that role of mediator, ferrying proposals between the sides.
Reports of the possible agreement caused global oil prices to plunge, with benchmark Brent crude futures falling more than 8% to around $100 a barrel . Global share prices also leapt and bond yields fell on optimism of an end to a war that has disrupted energy supplies.
The memorandum was disclosed hours after U.S. President Donald Trump paused a three-day-old naval mission to reopen the Strait of Hormuz, citing progress in peace talks. Iran said now that U.S. 'threats' had ended, passage through the strait would be possible under new terms it was putting in place, without giving details.
The White House, the State Department and Iranian officials contacted by Reuters did not immediately respond to requests for comment. U.S. news channel CNBC quoted a spokesperson from the Iranian foreign ministry as saying Tehran was evaluating a 14-point U.S. proposal.
The source briefed on the mediation said the U.S. negotiations were being led by Trump's envoy Steve Witkoff and son-in-law Jared Kushner.
If both sides agreed on the preliminary deal, that would start the clock on 30 days of detailed negotiations to reach a full agreement, the source said.
The source said the full agreement would include the U.S. lifting sanctions and releasing frozen Iranian funds, Iran and the United States lifting competing blockades on the Strait of Hormuz, and curbs on Iran's nuclear programme, with the aim of seeking a pause or moratorium on Iranian enrichment of uranium.
While the sources said the memorandum would not initially require concessions from either side, the sources and Axios did not mention several of the key demands that Washington has made in the past and that have previously been rejected by Iran. U.S. demands that were not mentioned include: curbs on Iran's missile programme and an end to its support for proxy militias in the Middle East.
The Axios report said the U.S. expected Iranian responses on several key points in the next 48 hours.
TRUMP PAUSES MISSION TO UNBLOCK STRAIT Earlier, Trump announced a pause to 'Project Freedom', a mission he had announced two days earlier to guide ships through the blocked strait.
The mission had failed to bring about any significant resumption of traffic through the waterway, while provoking a new wave of Iranian strikes on ships in the strait and on targets in neighbouring countries.
In the latest incident, a French shipping company reported on Wednesday that one of its container ships had been struck in the strait the previous day, and that injured crew had been evacuated.
In announcing he was pausing the mission, Trump cited 'great progress' in negotiations with Iran, without giving further details. 'We have mutually agreed that, while the Blockade will remain in full force and effect, Project Freedom (The Movement of Ships through the Strait of Hormuz) will be paused for a short period of time to see whether or not the Agreement can be finalized and signed,' Trump wrote on social media.
Trump had said last week he was likely to reject Iran's latest proposal for talks. The Iranian offer also contained 14 points, and also called for setting aside discussion of nuclear issues until after the war ended and the shipping dispute was resolved.
In comments on a visit to China on Wednesday, Iran's Foreign Minister Abbas Araqchi made no mention of Trump's latest remarks, but said Tehran was holding out for 'a fair and comprehensive agreement'.
A map showing the inbound and outbound shipping lanes in the Strait of Hormuz, in addition to the the maritime boundary between Oman and Iran.
The United States and Iran are closing in on an agreement on a one-page memorandum to end the war in the Gulf, a source from mediator Pakistan and another source briefed on the mediation said.
The sources confirmed information initially reported by the U.S. media outlet Axios. The proposed 14-point, one-page memorandum would formally end the war, followed by discussions to unblock shipping through the Strait of Hormuz, lift U.S. sanctions on Iran and agree curbs on Iran's nuclear programme.
'We will close this very soon. We are getting close,' said the source from Pakistan, which hosted the war's only peace talks so far and has continued in that role of mediator, ferrying proposals between the sides.
Reports of the possible agreement caused global oil prices to plunge, with benchmark Brent crude futures falling more than 8% to around $100 a barrel . Global share prices also leapt and bond yields fell on optimism of an end to a war that has disrupted energy supplies.
The memorandum was disclosed hours after U.S. President Donald Trump paused a three-day-old naval mission to reopen the Strait of Hormuz, citing progress in peace talks. Iran said now that U.S. 'threats' had ended, passage through the strait would be possible under new terms it was putting in place, without giving details.
The White House, the State Department and Iranian officials contacted by Reuters did not immediately respond to requests for comment. U.S. news channel CNBC quoted a spokesperson from the Iranian foreign ministry as saying Tehran was evaluating a 14-point U.S. proposal.
The source briefed on the mediation said the U.S. negotiations were being led by Trump's envoy Steve Witkoff and son-in-law Jared Kushner.
If both sides agreed on the preliminary deal, that would start the clock on 30 days of detailed negotiations to reach a full agreement, the source said.
The source said the full agreement would include the U.S. lifting sanctions and releasing frozen Iranian funds, Iran and the United States lifting competing blockades on the Strait of Hormuz, and curbs on Iran's nuclear programme, with the aim of seeking a pause or moratorium on Iranian enrichment of uranium.
While the sources said the memorandum would not initially require concessions from either side, the sources and Axios did not mention several of the key demands that Washington has made in the past and that have previously been rejected by Iran. U.S. demands that were not mentioned include: curbs on Iran's missile programme and an end to its support for proxy militias in the Middle East.
The Axios report said the U.S. expected Iranian responses on several key points in the next 48 hours.
TRUMP PAUSES MISSION TO UNBLOCK STRAIT Earlier, Trump announced a pause to 'Project Freedom', a mission he had announced two days earlier to guide ships through the blocked strait.
The mission had failed to bring about any significant resumption of traffic through the waterway, while provoking a new wave of Iranian strikes on ships in the strait and on targets in neighbouring countries.
In the latest incident, a French shipping company reported on Wednesday that one of its container ships had been struck in the strait the previous day, and that injured crew had been evacuated.
In announcing he was pausing the mission, Trump cited 'great progress' in negotiations with Iran, without giving further details. 'We have mutually agreed that, while the Blockade will remain in full force and effect, Project Freedom (The Movement of Ships through the Strait of Hormuz) will be paused for a short period of time to see whether or not the Agreement can be finalized and signed,' Trump wrote on social media.
Trump had said last week he was likely to reject Iran's latest proposal for talks. The Iranian offer also contained 14 points, and also called for setting aside discussion of nuclear issues until after the war ended and the shipping dispute was resolved.
In comments on a visit to China on Wednesday, Iran's Foreign Minister Abbas Araqchi made no mention of Trump's latest remarks, but said Tehran was holding out for 'a fair and comprehensive agreement'.
A map showing the inbound and outbound shipping lanes in the Strait of Hormuz, in addition to the the maritime boundary between Oman and Iran.
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Axios: US and Iran closing in on one-page memo to end war
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