The US and Iran are nearing agreement on a memorandum of understanding to end their nine-and-a-half week war and lay out plans for talks about the future of the Islamic Republic’s nuclear program.
Reuters quoted an official from Pakistan, which has mediated peace efforts for several weeks, as saying of the negotiations: “We will close this very soon. We are getting close.”
Axios, citing four sources including two US officials, also reported that Washington and Tehran were closer to a peace deal than at any point since US and Israeli strikes on Iran began Feb. 28 and that a response from Iran on several key points was expected in the next 48 hours.
The memorandum, which reportedly is being negotiated by Trump special envoys Steve Witkoff and Jared Kushner, would declare an end to the conflict and open a 30-day window to hash out a final agreement to fully reopen the Strait of Hormuz, ease US sanctions on Iran, and regulate the Middle Eastern nuclear program.
Reports of movement toward a deal to end hostilities emerged after President Trump abruptly announced an end to his “Project Freedom” initiative to reopen the Strait of Hormuz to global shipping after just two days, while Secretary of State Marco Rubio told reporters that the US campaign against Iran was “over.”
“Based on the request of Pakistan and other Countries, the tremendous Military Success that we have had during the Campaign against the Country of Iran and, additionally, the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran, 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 announced on Truth Social Tuesday evening.
Pakistan Prime Minister Shehbaz Sharif responded on X early Wednesday that he was “grateful to President Donald Trump for his courageous leadership and timely announcement” — and revealed that Saudi Crown Prince Mohammed bin Salman had also asked Trump to shelve the forced strait reopening to give negotiations a chance.
News of the progress in peace talks caused the benchmark Brent crude oil price to plummet to $100 per barrel Wednesday morning, its lowest point in two weeks.
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