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Iran said on Wednesday it is reviewing a fresh US proposal as both sides appear to be edging towards a preliminary one-page memorandum aimed at ending the Gulf conflict, with more complex issues, including Tehran’s nuclear programme, to be addressed later.

Tehran To Convey Response Soon

An Iranian Foreign Ministry spokesperson, quoted by the ISNA news agency, said Tehran would soon convey its response via Pakistan, which hosted the only round of peace talks and continues to act as a key intermediary. US President Donald Trump indicated progress but offered no specifics, saying the war could end if Iran agrees to the proposed terms, while cautioning it was too early for direct talks, Reuters reported.

Sources familiar with the mediation said the draft 14-point memorandum could pave the way for restoring shipping through the Strait of Hormuz, easing US sanctions, and initiating discussions on curbs to Iran’s nuclear activities. However, several longstanding US demands,  including limits on Iran’s missile programme and its support for regional proxy groups, are reportedly not part of the initial framework.

Iran Seeks 'fair Agreement'

Despite signs of progress, uncertainty remains. Iran has signalled it is seeking a “fair and comprehensive agreement”, while Israel, a key US ally, is said to be preparing for a possible escalation, indicating it is not yet aligned with any imminent deal.

Markets reacted sharply to reports of a potential breakthrough, with global oil prices dropping significantly amid hopes of reduced disruption to energy supplies. Meanwhile, Trump temporarily paused a naval operation aimed at reopening the Strait of Hormuz, citing advances in negotiations.