The United States is reportedly close to finalising a preliminary agreement with Iran to end the ongoing conflict, as President Donald Trump paused a naval mission aimed at reopening the Strait of Hormuz.
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According to a report by Axios, the White House is working on a one-page memorandum outlining key steps toward de-escalation. The report, citing multiple sources, said Washington expects Tehran’s response within 48 hours, though officials have not publicly confirmed the development.
The proposed framework reportedly includes Iran agreeing to a temporary halt on nuclear enrichment, while the US would ease sanctions and release billions in frozen Iranian assets. Both sides are also expected to lift restrictions on shipping through the strategically vital waterway.
Trump earlier announced a pause in “Project Freedom,” a US naval initiative launched to escort commercial vessels through the blocked strait. The mission had failed to restore confidence among global shippers and triggered fresh Iranian strikes on vessels and regional targets.
“We have made great progress,” Trump said, adding that the pause would allow time to finalise a potential agreement, even as the blockade remains in place.
The conflict has severely disrupted global energy supply chains since late February, when hostilities between the US, Israel and Iran led to the closure of the Strait of Hormuz — a critical route for nearly a fifth of the world’s oil and gas shipments.
Iran’s Foreign Minister Abbas Araqchi, speaking during a visit to China, reiterated Tehran’s position, calling for a “fair and comprehensive agreement” while emphasising diplomacy to avoid further escalation.
Despite ongoing talks, tensions remain high. Iranian forces have targeted multiple ships in recent weeks, while the US Navy has engaged Iranian vessels in the region. A French shipping company also reported a container ship was struck, resulting in crew injuries.
Oil markets reacted cautiously to the developments, with Brent crude prices falling around 1.7% following news of the paused mission and potential diplomatic progress.
Earlier attempts at peace talks, including discussions facilitated by Pakistan, have yet to yield a breakthrough, with both sides accusing each other of making unreasonable demands.
As negotiations continue, the conflict remains a key geopolitical and economic concern, particularly with rising energy prices adding pressure on the US administration ahead of upcoming elections.
