The U.S. and Iran are moving closer to a limited, temporary agreement to halt their war, sources and officials said Thursday, with a draft framework aimed at ending the fighting while leaving major disputes unresolved.
The emerging plan centers on a short-term memorandum rather than a comprehensive peace deal, underscoring deep divisions between the two sides and signaling that it would be an interim step.
Hopes that even a partial deal could lead to the reopening of the Strait of Hormuz have already moved markets, with global stocks approaching record highs Thursday and oil prices nursing steep losses on bets that supply disruptions could ease.
Tehran and Washington have scaled back ambitions for a sweeping settlement as differences persist, particularly over Iran's nuclear program – including the fate of its highly enriched uranium stockpiles and how long Tehran would halt nuclear work.
Instead, they are working toward a temporary arrangement aimed at preventing a return to conflict and stabilising shipping through the strait, the sources and officials said.
