US and Iran closing in on memo to end war, sources say
Summary
The US and Iran are nearing a one-page memorandum to end the Gulf war, with discussions including lifting sanctions and reopening the Strait of Hormuz, prompting global oil prices to fall sharply.
Key Points
- The US and Iran are close to agreeing on a 14-point memorandum to formally end the Gulf war.
- The memorandum aims to unblock shipping through the Strait of Hormuz and lift US sanctions on Iran.
- US President Donald Trump announced a pause in a naval mission to reopen the strait citing progress in peace talks.
- The memorandum does not initially require concessions on Iran's missile program or proxy militia support.
