US, Iran Near Deal to End Gulf War

The United States and Iran are on the verge of reaching a preliminary one-page memorandum of understanding that would end the Gulf war and establish a 30-day framework for more detailed negotiations on nuclear issues, shipping access through the Strait of Hormuz, and the lifting of sanctions. Two sources, including a Pakistani mediator, confirmed reports initially published by Axios, stating that negotiations are being led by Trump's envoys Steve Witkoff and Jared Kushner through direct and mediated channels with Iranian officials. Washington expects Tehran's response on several key issues within the next 48 hours, though no final agreement has been reached. The proposed 14-point deal would require Iran to commit to a moratorium on nuclear enrichment while the United States would lift sanctions and release billions in frozen Iranian funds. Both sides would gradually ease competing blockades on the Strait of Hormuz, through which roughly 20 percent of the world's crude oil supply passes. In his Truth Social post, Trump signaled the deadline was imminent: "Assuming Iran agrees to give what has been agreed to, the already legendary Epic Fury will be at an end." He also warned that if negotiations fail, military action would resume "at a much higher level and intensity than it was before." Earlier in the day, Trump paused "Project Freedom," a three-day naval mission aimed at reopening the strait, citing "great progress" in talks. Reports of the possible agreement triggered significant global market reactions, with benchmark Brent crude futures falling around 11 percent to approximately $98 per barrel, while global share prices rose and bond yields fell on optimism surrounding a potential resolution. However, the proposed memorandum appears to omit several longstanding US demands, including curbs on Iran's missile program, an end to its support for proxy militias in the Middle East, and the disposal of Iran's existing stockpile of more than 400 kilograms of uranium enriched to near weapons grade. Iran's Foreign Minister Abbas Araghchi, speaking during a visit to China, emphasized that Tehran was seeking "a fair and comprehensive agreement," reflecting lingering tensions even as negotiations near a possible breakthrough.