Key facts
- The U.S. and Iran are reportedly nearing an agreement to end their conflict.
- Key terms include the removal and destruction of Iran's nuclear material and dismantling of its nuclear program.
- The deal is expected to reopen the Strait of Hormuz and lift sanctions on Iran.
- A senior U.S. official indicated that a deal could be signed in the coming days.
- Switzerland has offered to host the potential signing of a memorandum of understanding between the U.S. and Iran.
- Iranian Foreign Minister Abbas Araqchi claimed Iran emerged stronger from the conflict.
- President Donald Trump has directed that sanctions on Iran be eased if Tehran adheres to the deal.
The United States and Iran are reportedly nearing an agreement to end their conflict, with a senior U.S. administration official stating that both sides have agreed on a text and Washington expects to sign an initial deal in the coming days. Iranian Foreign Minister Abbas Araqchi claimed Iran had emerged stronger from the conflict, stating, "Iran is the winner of the war with the U.S."
The proposed memorandum of understanding includes reopening the Strait of Hormuz and lifting the U.S. naval blockade on Iranian ports. Negotiations over Iran's nuclear program, which U.S. President Donald Trump cited as the rationale for starting the war, would follow. The U.S. official indicated the deal met Trump's core objectives.
Accounts from Western, Pakistani, and Iranian sources suggest the draft proposal may favour Iran, a point dismissed as inaccurate by Trump. The terms broadly offer Tehran much of what it sought, with Trump appearing to secure little beyond the reopening of the strait. Iran, along with Oman, would retain control of traffic through the Strait of Hormuz.
Draft terms indicate the U.S. would release frozen Iranian assets and waive sanctions on its oil exports in return for Iran opening the strait. Iran's nuclear program would be addressed during a 60-day period of talks, with the U.S. official stating the agreement would lead to the dismantling of Iran's nuclear program and the destruction of its highly enriched uranium stockpile. However, Araqchi stated Iran wanted to retain the uranium in diluted form and had not accepted the dismantling of its program.
Discussions may also include war reparations for Tehran and dropping U.S. demands for limits on Iran's missile program, though a U.S. official disputed this, emphasizing a performance-based deal with no money released until Iran complies. Switzerland has offered to host the signing, with Geneva seen as a likely venue. U.S. Vice President JD Vance and Iran's parliament speaker Mohammad Baqer Qalibaf are potential signatories.
Israel, which launched the war with the United States, is not party to the negotiations. Prime Minister Benjamin Netanyahu stated Israel would not be party to the agreement and has clashed with Trump over demands for Israel to curb military action in Lebanon. Araqchi implied the agreement would end the war in Lebanon, suggesting an Israeli withdrawal, a claim disputed by Israel's defense minister.
Progress toward the agreement follows a week of escalated hostilities. Global stocks rose and oil prices fell on the news, with Brent crude dropping over 3%. The conflict has presented a political challenge for the White House due to rising fuel prices and slipping approval ratings for Trump. Some Republicans worry the war's unpopularity could impact midterm elections, while others may find an agreement perceived as too favourable to Iran difficult to endorse.