Pakistani sources confirm that United States and Iran are closing in on an agreement on a one-page memorandum to end the war in Middle East.
A source from Pakistan familiar with the negotiations confirmed that a report earlier by the US media outlet Axios on the proposed memorandum was accurate. The Axios report had cited two US officials and two other sources familiar with the discussions.
“We will close this very soon. We are getting close,” the Pakistani source said. Last month, Pakistan hosted the war’s only peace talks so far, and it has continued in that role of mediator, ferrying proposals between the sides.
Reports of the possible agreement to end the war caused global oil prices to plunge, with benchmark Brent crude futures falling more than 8% to around $100 a barrel.
US news channel CNBC quoted a spokesperson from the Iranian foreign ministry as saying Tehran was evaluating a 14-point US proposal.
Axios reported that the White House believed it was closing in on a one-page memorandum to end the war with Iran. The report came hours after US President Donald Trump paused a three-day-old naval mission to reopen the Strait of Hormuz.
The Axios report said the US expected Iranian responses on several key points in the next 48 hours.
Among other provisions, Axios said, the deal would involve Iran committing to a moratorium on nuclear enrichment, the US agreeing to lift its sanctions and release billions of dollars in frozen Iranian funds, and both sides lifting restrictions around transit through the Strait of Hormuz.
The one-page, 14-point memorandum of understanding was being negotiated between US envoys Steve Witkoff and Jared Kushner and several Iranian officials, both directly and through mediators, Axios said.
In its current form, the memorandum would declare an end to the war in the region and the start of a 30-day period of negotiations on a detailed agreement to open the strait, limit Iran’s nuclear programme and lift US sanctions, Axios added.
Iran’s restrictions on shipping through the strait and the US naval blockade of Iran would be gradually lifted during that 30-day period, Axios said, citing one US official who added that if the negotiations collapsed, US forces would be able to restore the blockade or resume military action.
