Sources involved in mediation say the United States and Iran are close to agreeing on a short preliminary memorandum aimed at ending the ongoing conflict in the Gulf region.
According to officials cited in the report, the proposed document is a brief, 14-point agreement that would formally halt hostilities. It would be followed by further negotiations covering key issues such as reopening maritime traffic through the Strait of Hormuz, easing U.S. sanctions on Iran, and limiting Iran’s nuclear activities.
A mediator from Pakistan, which has been facilitating talks, said the two sides are “very close” to finalizing the arrangement. If agreed, the memorandum would trigger about a month of detailed negotiations toward a more comprehensive settlement.
Market reactions were immediate, with global oil prices dropping sharply and stock markets rising on expectations of a possible de-escalation. Brent crude reportedly fell more than 8% following the news.
The report also notes that U.S. President Donald Trump recently paused a naval operation aimed at securing shipping routes through the Strait of Hormuz, citing progress in diplomatic efforts. Iran, meanwhile, indicated it was reviewing the proposal and reiterated its demand for a “fair and comprehensive agreement.”
Despite optimism, major unresolved issues remain. These include longstanding U.S. demands related to Iran’s missile program and regional influence, which were not clearly addressed in the reported draft.
While both sides have expressed cautious interest in continuing talks, officials stress that no final agreement has yet been signed, and negotiations remain ongoing.
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