US and Iran Closing in on Memorandum to End War, Pakistani Source Says

ISLAMABAD — The United States and Iran have reached the final stage of drafting a memorandum of understanding (MOU) aimed at ending the two-month war, according to a senior Pakistani official familiar with the negotiations .

The official, who spoke on condition of anonymity, told Reuters that “90% of the work has been done” and that the remaining differences “are not very significant.” The MOU would set the terms for a permanent ceasefire, the reopening of the Strait of Hormuz, and a framework for renewed negotiations on Iran’s nuclear program .

“The political will to end this war exists on both sides. The remaining differences are not very significant.”
— Senior Pakistani official, speaking to Reuters

The official added that a 14-point memorandum is expected to be finalized within days , but cautioned that “nothing is final until it is signed” .

📜 The Emerging Framework

According to the Pakistani source, the MOU would include the following key elements :

• Pause in uranium enrichment: Iran would agree to a temporary suspension of its enrichment program for at least 12 years
• Sanctions relief: The U.S. would gradually ease economic sanctions
• Release of frozen assets: Iran would regain access to billions of dollars in funds held abroad
• Reopening of the Strait of Hormuz: Both sides would roll back military and shipping restrictions
• Negotiating window: A 30-day period for final agreement, likely in Geneva or Islamabad
• Enhanced IAEA inspections: Iran would accept tougher international monitoring

The U.S. is also demanding that Iran pledge not to pursue nuclear weapons, although officials have indicated that this may be part of the subsequent nuclear negotiations, not the immediate MOU .

🇵🇰 Pakistan’s Mediation Role

The breakthrough, if finalized, would represent a major diplomatic victory for Pakistan, which has served as the primary mediator between Washington and Tehran since the war began on February 28 . Islamabad hosted the first round of U.S.-Iran peace talks on April 11-12 and has continued to shuttle proposals between the two sides .

Last week, President Trump paused the U.S. naval escort mission “Project Freedom” in the Strait of Hormuz at Pakistan’s request, a decision Prime Minister Shehbaz Sharif praised as “courageous leadership” that would advance “regional peace, stability and reconciliation” .

📉 Markets React

News of the potential breakthrough has already moved global markets. Oil prices plunged as traders priced in an end to the supply disruption that has gripped global energy markets since the war began:

• WTI Crude dropped 6.8% to $95.21 per barrel
• Brent Crude fell 6.1% to $103.14 per barrel
• Gasoline futures declined 4.4%

Stocks and bonds surged as investors rotated out of safe-haven assets and back into risk .

❗ Obstacles Remain

Despite the progress, significant obstacles remain:

• Hardline opposition in Iran: The Islamic Revolutionary Guard Corps (IRGC) has previously sabotaged diplomatic efforts and could undermine any agreement
• Opposition from Israel: Prime Minister Benjamin Netanyahu has signaled he will oppose any deal that leaves Iran with enrichment capability
• Congressional opposition: Republicans in the U.S. Senate have already criticized the emerging framework as “rewarding” Iran
• Verification challenges: Iran would need to accept tougher IAEA inspections, including access to military sites

A U.S. official, also speaking on condition of anonymity, confirmed that “progress has been made” but warned that “we are not there yet” .

🕊️ What Comes Next

If finalized, the memorandum would be the first major diplomatic breakthrough since the war began on February 28 . It would also set the stage for a new round of nuclear negotiations — the first since the collapse of the JCPOA in 2018 .

The MOU is expected to be signed in the coming days, the Pakistani source said, but cautioned that the situation remains fluid .

For now, the fragile ceasefire holds, and the world watches to see whether diplomacy can succeed where military pressure has so far failed.

📋 Key Takeaways

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