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The United States and Iran are on the brink of finalizing a memorandum of understanding aimed at concluding their nine-and-a-half-week conflict and setting the stage for discussions on the future of Iran’s nuclear ambitions.
An official from Pakistan, which has played a mediating role in the peace efforts over recent weeks, mentioned to Reuters, “We are on the verge of closing this chapter. We are nearing a resolution.”
According to Axios, referencing four sources, including two American officials, indications are strong that Washington and Tehran are more aligned towards a peace agreement than at any previous point since the US and Israeli military actions against Iran commenced on February 28. Iran’s feedback on several critical issues is anticipated within the next 48 hours.
The memorandum, reportedly under negotiation by Trump special envoys Steve Witkoff and Jared Kushner, is expected to formally end hostilities and initiate a 30-day period to finalize a comprehensive agreement. This would involve reopening the Strait of Hormuz, reducing US sanctions on Iran, and overseeing the region’s nuclear activities.
News of potential progress towards peace surfaced following President Trump’s sudden cessation of his “Project Freedom” initiative, which aimed to restore global shipping through the Strait of Hormuz after only two days. Concurrently, Secretary of State Marco Rubio informed the press that the US’s campaign against Iran had concluded.
“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.