Iran Reviews US Proposal as Oil Prices Drop 11%
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- Iran said it was reviewing a new US proposal and would convey its response soon via Pakistan, the main conduit for messages between the sides.
- Trump posted on social media that the war could end if Iran agrees to "what has been agreed to" and later told the New York Post that face-to-face meetings were still premature.
- Pakistan confirmed a proposed 14‑point, one‑page memorandum to formally end the war, followed by talks on unblocking the Strait of Hormuz, lifting sanctions, and nuclear curbs.
- Israel was not aware of the potential deal and was preparing for escalation, according to an Israeli source.
- Brent crude futures fell about 11% to $98 a barrel after reports of the possible agreement.
- Steve Witkoff was leading the US negotiations, according to a source briefed on the mediation.
- Ebrahim Rezaei called the reported text "more of an American wish list than a reality," reflecting Tehran's skepticism.
Why it matters: The memorandum would trigger talks to reopen the Strait of Hormuz and lift sanctions, which would benefit global energy markets and Iranian oil exports, while Israel is preparing for escalation as oil prices already fell 11% on the news globally.
