US and Iran explore short-term deal to end fighting - report

The United States and Iran are making progress toward a short-term agreement to stop their ongoing conflict, as reported by officials and sources on Thursday. Iran is currently considering a proposal that would pause the fighting but does not address the most contentious issues. A spokesperson for Iran’s foreign ministry stated that Tehran has not yet made a decision about this developing plan, which focuses on a temporary memorandum instead of a full peace agreement, highlighting the significant differences between the two nations. The prospect of even a limited agreement has already affected markets, leading to a drop in oil prices as traders expect fewer supply disruptions. Global stock markets have mostly maintained their record highs. The two countries have lowered their expectations for a comprehensive settlement due to ongoing disagreements, especially concerning Iran’s nuclear program. This includes discussions about Iran’s stockpiles of highly enriched uranium and the duration of a potential halt to nuclear activities. Instead of a broad resolution, both sides are aiming for a temporary deal outlined in a one-page memo that seeks to prevent further conflict and stabilize shipping in the Strait of Hormuz. A senior Pakistani official involved in mediation efforts told Reuters, “Our priority is to ensure they declare a permanent end to the war, and the remaining issues can be discussed once direct talks resume.” The proposed plan is set to occur in three phases: officially ending the war, addressing the crisis in the Strait of Hormuz, and initiating a 30-day period for discussions on a broader agreement. On Thursday, Iran’s Foreign Minister Abbas Araqchi spoke by phone with his Pakistani counterpart, Ishaq Dar, as Pakistan plays a key role in mediation. Pakistan’s foreign ministry spokesperson, Tahir Andrabi, expressed optimism about the timeline for reaching a deal during a briefing in Islamabad.