The U.S. and Iran are close to agreeing on a one-page memorandum to end the Gulf war, according to a Pakistani mediation source and another source briefed on the talks.
In an early morning social media post, U.S. President Donald Trump gave no details of any specific proposal but said the war could end if "Iran agrees to give what has been agreed to."
The sources confirmed information initially reported by the U.S. media outlet Axios. The proposed 14-point, one-page memorandum would formally end the war, followed by discussions to unblock shipping through the Strait of Hormuz, lift U.S. sanctions on Iran and agree curbs on Iran's nuclear program.
"We will close this very soon. We are getting close," said the source from Pakistan, which hosted the war's only peace talks so far and has continued in that role of mediator, ferrying proposals between the sides.
Reports of the possible agreement caused global oil prices to plunge, with benchmark Brent crude futures falling around 11% to around $98 a barrel.
