The United States and Iran are nearing agreement on a one-page memorandum intended to end their war in the Gulf, according to multiple sources familiar with mediation efforts. A Pakistani source involved in the talks says the two sides are “getting close” and could close the process soon, and that an earlier report by the U.S. outlet Axios was accurate. Other reporting also cites an additional source briefed on the mediation, reinforcing that the memorandum concept is actively under discussion.
The negotiations are being mediated through Pakistan, which hosted the war’s only round of peace talks so far and continues to exchange proposals between the parties. The prospect of an agreement has already affected markets: global oil prices drop, with Brent crude futures falling by more than 8% to around $100 a barrel, while global equities rise and bond yields fall amid expectations of reduced disruption to energy supplies.
Officials from the White House, the U.S. State Department, and Iranian authorities contacted by Reuters did not immediately respond to requests for comment, according to one account.
