Key facts
- Iran's Foreign Minister Abbas Araghchi stated a proposed memorandum of understanding with the US is close to finalization but not yet signed.
- The MoU reportedly aims to end the war on all fronts, including Lebanon, and address the Strait of Hormuz and US naval blockades.
- US President Donald Trump expressed confidence in the ongoing negotiations for a deal to conclude the war with Iran.
- Pakistan's Prime Minister Shehbaz Sharif confirmed that the US and Iran have agreed on the final text of a peace deal.
- US forces intercepted multiple Iranian drones near the Strait of Hormuz amid ongoing maritime tensions.
- Approximately $24 billion in frozen Iranian assets could be unfrozen under the broader framework of the agreement.
The United States and Iran are reportedly nearing a peace agreement to end a protracted conflict, with Iranian Foreign Minister Abbas Araghchi stating that a proposed memorandum of understanding (MoU) is closer than ever to finalization. Araghchi indicated that the MoU, if signed, would lead to an end of hostilities on all fronts, including Lebanon, and address issues concerning the Strait of Hormuz and US naval blockades.
US President Donald Trump has signaled confidence in the negotiations, suggesting a deal to conclude the war is nearly complete and expected to be signed soon. Pakistan's Prime Minister Shehbaz Sharif corroborated this, confirming that the US and Iran have reached agreement on the final text of a peace deal. Iranian officials stated the memorandum includes 14 articles and would initiate a 60-day negotiation phase for unresolved issues, including the nuclear file, though Tehran warned that future talks would falter if commitments are not met.
Despite diplomatic progress, maritime tensions remain elevated, with the US military reporting the downing of multiple Iranian drones over the Strait of Hormuz. Reports suggest that approximately $24 billion in frozen Iranian assets could be unfrozen as part of the broader framework, though the UAE denied any funds had been released. Meanwhile, Israeli attacks have continued in Lebanon, with reports of strikes on an emergency response facility, and the UN noted significant Israeli troop movements near the border, raising concerns about further escalation.
Oil flows through the Strait of Hormuz have reportedly recovered to about half of pre-war levels, according to US officials, indicating a gradual improvement in regional shipping conditions. Preparations for a potential signing ceremony in Geneva are reportedly underway, though a senior US official stated that no frozen Iranian funds would be released until Tehran fulfills its obligations under the agreement.