What we know about the proposed US-Iran deal

More than three months after the United States and Israel launched a war against Iran, renewed hopes have emerged that the conflict may soon come to an end.

The war has affected not only the countries directly involved but also the global economy, as the closure of the Strait of Hormuz has pushed oil prices to historic highs, fuelled inflation, and hampered economic growth worldwide.

Pakistan, the key mediator, has intensified its diplomatic efforts in recent days, with Interior Minister Mohsin Naqvi and Chief of Army Staff (COAS) and Chief of Defence Forces (CDF) Field Marshal Asim Munir visiting Iran.

Following these developments, Donald Trump said Washington and Tehran had “largely negotiated” a memorandum of understanding on a peace deal that would lead to the reopening of the Strait of Hormuz.

While global leaders issued statements after these developments, details are emerging of the proposed deal that would see an end to the hostilities.

The following are the details that have been reported so far:

• Axios says US and Iran are close to signing a deal involving a 60-day ceasefire extension.
• Axiossays during this period, Strait of Hormuz will be reopened.
• Axiossays Iran would be able to freely sell oil and negotiations would be held on curbing Iran’s nuclear programme.
• Axiossays during period, the Strait would be open with no tolls and Iran would agree to clear the mines it deployed in the strait to let ships pass freely.
• Axiossays in exchange US would lift its blockade on Iranian ports and issue some sanctions waivers to allow Iran to sell oil freely.
• Iran’s Tasnimnews agency says in potential MoU between Iran and US, Washington will waive sanctions on Iran oil.
• Tasnimsays MoU emphasises end of war on all fronts including Lebanon.
• Tasnimsays a 30-day period will be allocated for procedures related to Strait of Hormuz and end of blockade.
• Tasnim says a 60-day period will be set for nuclear talks.
• Tasnimsays Iran has not yet accepted any actions on its nuclear file.
• Tasnimsays according to potential MoU with US, part of Iran’s frozen funds must be released in first phase.
• Tasnimsays Iran has emphasised that any initial MoU is conditional on the release of at least part of these assets in a way that our country can access them.
• Tasnimsays the mechanism for releasing the other part of frozen assets must be specified during the negotiations process.
• Tasnimsays if deal is reached with the US, the state of the Strait of Hormuz will not return to pre-war conditions.
• Tasnimsays the number of ships able to transit the Strait of Hormuz will return to the pre-war level in a 30-day period.
• Tasnim says Iran emphasises the exercise of its sovereignty over the Strait of Hormuz in various ways, the details of which will be announced.
• Tasnim says the naval blockade must be completely lifted within 30 days, according to the understanding.
• Tasnim says if the naval blockade is not lifted, no change will occur in the Strait of Hormuz.
• Tasnim says any changes in the passage and navigation through the Strait are conditional upon the implementation of other commitments by the US in the MoU.
• Tasnim says the US commitment to withdraw its forces from Iran’s surroundings is another point emphasised by Tehran in the potential MoU.
• Tasnim says conflict over two or three clauses of the MoU between Iran and US still persists.
• Tasnim citing a source with knowledge: if US continues creating obstacles, there will be no possibility of reaching a final understanding.

— Additional input from Reuters