ISLAMABAD: The United States and Iran are nearing an agreement on a one-page memorandum to mark an end to their nine-and-a-half week war in the Middle East and lay out plans for talks regarding the future of the Islamic Republic’s nuclear program.
“We will close this very soon. We are getting close,” Reuters quoted a source from Pakistan, which is mediating peace efforts between the two sides, as saying.
This comes after Axios, citing four sources including two US officials, reported that the two sides were close to a peace deal. It all started when the US and Israel conducted airstrikes in Iran on February 28 to target military and government sites in the country. This resulted in the assassination of several Iranian officials, including Supreme Leader Ali Khamenei. In retaliation, Iran launched missile and drone strikes against Israel, US bases and US-allied Arab countries in West Asia, besides closing the Strait of Hormuz, disrupting global trade.
Last month, Pakistan hosted the war’s only peace talks so far and has since continued in that role of mediator to ferry proposals between the two sides.
The reports about the possible agreement to end the war have caused global oil prices to plunge. The benchmark Brent crude futures fell by over 8% to around $100 a barrel.
Earlier, Axios reported that the White House was looking forward to close in on a one-page memorandum to end the war with Iran. It came after US President Donald Trump paused a three-day-old naval mission to reopen the Strait of Hormuz.
The report added that the US was expecting Iran’s responses on several key points over the next 48 hours.
It further highlighted that among other provisions, the deal might require Iran to commit to a moratorium on nuclear enrichment. Also, the US could agree to lift its sanctions and release billions of dollars in frozen Iranian funds, besides the two sides lifting restrictions around transit through the Strait of Hormuz.
14-point Memorandum of Understanding
The US and Iran are said to be negotiating a one-page, 14-point memorandum of understanding. Among those involved are US envoys Steve Witkoff and Jared Kushner as well as several Iranian officials, both directly and through mediators.
In its current form, the MoU would mark an end to the war in the region along with the beginning of a 30-day period of negotiations on a detailed agreement to open the strait. Further, it will limit Iran’s nuclear programme and lift US sanctions, Axios reported.
Moreover, the report states that Iran’s restrictions on shipping through the strait and the US naval blockade of Iran can be gradually lifted during the 30-day period.
Agencies
US, Iran closing in on one-page memorandum to end war: Report
