US-Iran War To End? What’s In One-Page Memo At The Centre Of Big Update

The United States and Iran are nearing an agreement on a one-page memorandum that could bring an end to the ongoing war in the Gulf, according to sources involved in mediation led by Pakistan. Another source familiar with the talks confirmed details first reported by Axios, indicating that both sides are inching closer to a breakthrough after weeks of tension. In an early morning social media post, U.S. President Donald Trump did not share specifics of the proposal but hinted that the conflict could soon end if certain conditions are met. He said the war could conclude if “Iran agrees to give what has been agreed to”, without elaborating further on the terms.

Proposed 14-point memorandum outlines steps to end war and reopen Strait of Hormuz

Sources said the proposed one-page memorandum includes 14 points aimed at formally ending the war. It would then pave the way for further talks to reopen shipping through the Strait of Hormuz, lift US sanctions on Iran, and place limits on Iran’s nuclear programme. “We will close this very soon. We are getting close,” said the source from Pakistan, which has hosted the only direct peace talks so far and continues to act as a mediator by passing proposals between both sides.

The news of a possible deal had an immediate impact on global markets. Oil prices dropped sharply, with benchmark Brent crude falling around 11% to nearly $98 a barrel. At the same time, global stock markets rose and bond yields fell, reflecting optimism that the conflict, which has disrupted energy supplies, could soon come to an end.

Trump issues warning while hinting at peace as naval mission paused amid talks

In his post, Trump struck both an optimistic and cautionary tone. He said: “Assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption, the already legendary Epic Fury will be at an end, and the highly effective Blockade will allow the Hormuz Strait to be OPEN TO ALL, including Iran.”

He also issued a warning, adding: “If they don’t agree, the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before.” Hours before this, Trump had paused a naval mission aimed at reopening the blocked strait, citing progress in ongoing peace negotiations.

Iran signals conditional cooperation while both sides remain silent officially

Iran’s Revolutionary Guards responded by saying that if U.S. “threats” had ended, shipping through the strait could resume under new terms they were proposing, though no details were shared. Meanwhile, the White House, the State Department, and Iranian officials did not immediately respond to requests for comment.

A spokesperson from Iran’s foreign ministry, quoted by CNBC, said Tehran was reviewing a 14-point proposal from the United States. This indicates that discussions are still ongoing, even as both sides weigh the terms carefully.

Key US demands missing from draft as negotiators push for broader agreement

According to sources, negotiations on behalf of the U.S. are being led by Trump’s envoy Steve Witkoff and his son-in-law Jared Kushner. If both sides agree to the preliminary memorandum, it would trigger a 30-day period of detailed negotiations aimed at finalising a full agreement.

The broader deal is expected to include lifting sanctions, releasing frozen Iranian funds, ending competing blockades in the Strait of Hormuz, and placing limits on Iran’s nuclear programme. However, several key U.S. demands have not been mentioned so far, including restrictions on Iran’s missile programme and ending support for proxy groups in the region.

Nuclear concerns and uranium stockpile remain unresolved in early-stage talks

While the draft reportedly includes a pause or moratorium on future uranium enrichment, it does not address Iran’s existing stockpile of more than 400 kg of near weapons-grade enriched uranium. This has been a major sticking point in past negotiations, with Washington demanding its removal as a condition for ending the conflict.

Iran, however, has consistently maintained that it has the right to enrich uranium for peaceful purposes and has denied any intention of developing nuclear weapons, leaving a key gap in the current discussions.

Strait of Hormuz crisis continues as attacks persist despite ongoing negotiations

Earlier, Trump had announced a pause to “Project Freedom”, a mission launched to escort ships through the blocked strait. The operation had failed to restore normal traffic and instead triggered fresh Iranian attacks on vessels and nearby targets. In one recent incident, a French shipping company reported that one of its container ships was hit, with injured crew members evacuated.

Trump said he paused the mission due to “great progress” in talks, although he did not provide further details. Just last week, he had indicated he might reject Iran’s earlier proposal, which also included 14 points and suggested postponing nuclear discussions until after the war and shipping disputes were resolved.

Shipping route remains blocked since February as conflict disrupts global trade

The Strait of Hormuz has remained effectively closed since February 28, when the U.S. and Israel launched military action against Iran. In response, Iran restricted passage for most ships, while the U.S. imposed its own blockade on Iranian ports in April.

During this period, Iranian drones and missiles targeted multiple vessels and locations, including sites in the United Arab Emirates. Attacks also hit key infrastructure such as an Emirati oil port, which had been crucial for exports bypassing the strait. Despite ongoing talks, tensions in the region remain high as both sides continue to test each other’s limits.

(with inputs from Reuters)

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