Key facts
- Iran's Foreign Minister Abbas Araghchi stated a memorandum of understanding with the US to end the war is "never been closer."
- Iranian state media reported that a senior official claimed President Trump agreed to unfreeze $24 billion in Iranian assets.
- President Trump publicly dismissed Iranian media leaks about the deal as "fake news."
- White House officials attribute the progress to recent US military strikes.
- A ceasefire in Lebanon is considered a key condition for the deal.
- The proposed deal reportedly includes a ceasefire on all fronts and the unfreezing of Iranian assets.
Iran's Foreign Minister Abbas Araghchi has indicated that a memorandum of understanding with the United States aimed at ending the ongoing conflict is "never been closer." Araghchi suggested that the deal, which is reportedly awaiting finalisation, includes provisions for a ceasefire on all fronts, including Lebanon, the lifting of the blockade on the Strait of Hormuz, and the unfreezing of Iranian assets. He also noted that the nuclear file and sanctions relief would be addressed in a subsequent phase.
However, US President Donald Trump has publicly dismissed reports from Iranian media regarding the specifics of the agreement, labelling them as "fake news" and expressing anger over alleged leaks. Despite Trump's critical tone, White House officials reportedly believe that recent US military strikes have been instrumental in convincing Iran to agree to the deal that was previously on the table. These officials suggest that Iran had been delaying the process and that the strength of the US military was the key factor in securing Iran's agreement.
Iranian state media, citing a senior official, claimed that President Trump has agreed to the release of $24 billion in frozen Iranian funds, though Trump has not explicitly confirmed this. Vice President JD Vance stated that US and allied concerns are prioritized in the deal, with financial rewards contingent on Iran meeting certain benchmarks.
The situation in Lebanon is considered a critical "litmus test" for the proposed agreement, as a ceasefire in the region is a prerequisite for the first phase of the deal. Meanwhile, Pakistan's mediators have expressed "cautious optimism" regarding the negotiations, suggesting that a final text has been reached. Israel's Defence Minister, Israel Katz, has asserted that the country will not withdraw from Lebanon, Syria, or Gaza, emphasizing Israel's need to maintain the ability to act independently to prevent Iran from acquiring nuclear weapons. UN peacekeepers have observed significant Israeli military activity in southern Lebanon.