00:00The United States and Iran are closing in on an agreement on a one-page memorandum to end the war
00:06in the Gulf.
00:07A proposed 14-point memorandum would formally end the conflict, followed by discussions to unblock shipping in the Strait of
00:13Hormuz,
00:14lift U.S. sanctions on Iran, and agree to curbs on Iran's nuclear program.
00:19That's according to a Pakistani source familiar with the negotiations and another source briefed on the talks.
00:24Pakistan is mediating discussions between Tehran and Washington.
00:27The sources confirmed information initially reported by the U.S. media outlet Axios.
00:32The White House, the State Department, and Iranian officials contacted by Reuters did not immediately respond to requests for comment.
00:38The Pakistani source told Reuters, quote,
00:42News of a pending deal sent global oil prices plunging, and global share prices leapt on optimism of an end
00:49to disrupted energy supplies.
00:51Before the conflict, nearly one-fifth of global crude oil and liquefied natural gas had passed through the strait.
00:56Iran has effectively shut it to all shipping apart from its own since the United States and Israel launched the
01:02war on February 28th.
01:04In April, Washington imposed its own separate blockade of Iranian ports.
01:07The memorandum was disclosed hours after U.S. President Donald Trump paused a three-day-old mission to reopen the
01:13Strait of Hormuz, citing progress in peace talks.
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