US and Iran Near Agreement on One-Page Memorandum to End Gulf War, Sources Confirm
The United States and Iran are reportedly nearing a significant agreement through a one-page memorandum aimed at concluding the ongoing conflict in the Gulf. This information comes from sources involved in the mediation process, specifically from Pakistan, which has played a pivotal role in facilitating discussions between the two nations.
Proposed Memorandum Details
The proposed memorandum consists of 14 points and is designed to formally end hostilities in the Gulf. Following this, discussions would focus on unblocking shipping routes through the Strait of Hormuz, lifting U.S. sanctions on Iran, and establishing limits on Iran’s nuclear program. A source from Pakistan indicated, “We will close this very soon. We are getting close,” emphasizing the progress made in negotiations.
The news of a potential agreement has already impacted global markets, with benchmark Brent crude futures dropping over 8% to approximately $100 per barrel. This decline reflects optimism regarding the resolution of a conflict that has significantly disrupted energy supplies. Additionally, global share prices surged, and bond yields fell in response to the developments.
Recent Developments in Peace Talks
The memorandum’s details emerged shortly after U.S. President Donald Trump announced a pause in a naval mission aimed at reopening the Strait of Hormuz, which had been in place for three days. Trump cited advancements in peace talks as the reason for this pause. Iran responded by stating that with the cessation of U.S. “threats,” new terms for passage through the strait could be established, although specifics were not disclosed.
Requests for comments from the White House, the State Department, and Iranian officials went unanswered. However, a spokesperson from the Iranian foreign ministry confirmed that Tehran was evaluating a 14-point proposal from the U.S.
Key U.S. Demands Not Addressed
Sources involved in the mediation process noted that U.S. negotiations are being led by Trump’s envoy Steve Witkoff and son-in-law Jared Kushner. Should both sides agree on the preliminary deal, a 30-day timeline for detailed negotiations towards a comprehensive agreement would commence.
The comprehensive agreement is expected to include the lifting of U.S. sanctions, the release of frozen Iranian assets, and the cessation of competing blockades in the Strait of Hormuz. Additionally, it aims to establish a moratorium on Iran’s uranium enrichment activities. However, the memorandum reportedly does not initially require concessions from either party, and several key U.S. demands—such as limitations on Iran’s missile program and the cessation of support for proxy militias—were not mentioned.
While discussions included a moratorium on future uranium enrichment, there was no mention of Iran’s existing stockpile of over 400 kg of uranium enriched to near weapons-grade levels, which the U.S. has previously insisted must be relinquished before any end to hostilities.
The U.S. is expected to receive Iranian responses on several critical points within the next 48 hours.
Trump Pauses Naval Mission
In a related development, Trump announced a halt to “Project Freedom,” a naval operation initiated two days prior to guide vessels through the blocked Strait of Hormuz. The mission had not significantly resumed traffic in the waterway and had led to increased Iranian strikes on ships and targets in neighboring countries.
In a recent incident, a French shipping company reported that one of its container ships was struck in the strait, resulting in injuries to crew members who were subsequently evacuated. Trump, in announcing the pause, cited “great progress” in negotiations with Iran but did not provide further details.
Previously, Trump indicated he was likely to reject Iran’s latest proposal for talks, which also contained 14 points and suggested postponing discussions on nuclear issues until after the war concluded and the shipping dispute was resolved.
During a visit to China, Iran’s Foreign Minister Abbas Araqchi did not address Trump’s comments but reiterated Tehran’s desire for “a fair and comprehensive agreement.”
Since the onset of hostilities on February 28, Iran has effectively restricted the strait to its own shipping, while the U.S. imposed a separate blockade on Iranian ports in April. Throughout this period, Iranian drones and missiles have targeted various vessels in and around the strait, including a South Korean cargo ship that reported an explosion in its engine room.
For further details, refer to the source: www.arnnewscentre.ae.
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Published on 2026-05-06 13:38:00 • By the Editorial Desk
