US-Iran Near ‘One-Page Memo’ Deal; Trump Warns Of Fresh Bombing If Talks Fail

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Key points generated by AI, verified by newsroom

• US and Iran nearing a one-page deal to end Gulf war.
• Trump warns of intensified bombing if Iran rejects deal.
• A 14-point memorandum could pave way for talks.

The United States and Iran are closing in on an agreement over a proposed “one-page memorandum” aimed at formally ending the war in the Gulf, according to a Pakistani source involved in mediation efforts and another source briefed on the talks.

“We will close this very soon. We are getting close,” the Pakistani source told Reuters, confirming an earlier report by Axios.

The development comes even as US President Donald Trump warned that if Iran does not accept the deal, military action would resume at a higher intensity.

Trump Warns: ‘If They Don’t Agree, The Bombing Starts’

In a post on Truth Social, Trump said, “Assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption, the already legendary Epic Fury will be at an end, and the highly effective Blockade will allow the Hormuz Strait to be OPEN TO ALL, including Iran.”

He added, “If they don’t agree, the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before.”

14-Point Draft Could Form Basis Of Peace Deal

According to the sources, the proposed memorandum is a 14-point, one-page document that would formally end the war and pave the way for further negotiations on reopening shipping through the Strait of Hormuz, lifting US sanctions on Iran, and agreeing curbs on Iran’s nuclear programme.

If both sides approve the preliminary deal, it would trigger 30 days of detailed negotiations toward a broader final agreement.

Pakistan Continues As Mediator

Pakistan, which hosted the only peace talks between the two sides so far, has continued to act as mediator by carrying proposals between Washington and Tehran.

The source briefed on the mediation said US negotiations are being led by Trump envoy Steve Witkoff and son-in-law Jared Kushner.

Markets Rally On Hopes Of Breakthrough

Reports of the possible agreement triggered a sharp market reaction.

Benchmark Brent crude futures fell more than 8 per cent to around $100 a barrel, while global share prices rose and bond yields fell amid optimism that the conflict disrupting energy supplies may soon end.

Trump Pauses Hormuz Mission Amid Progress

The memorandum surfaced hours after Trump paused “Project Freedom”, the naval mission launched to reopen the Strait of Hormuz.

In a social media post, Trump said, “We have mutually agreed that, while the Blockade will remain in full force and effect, Project Freedom (The Movement of Ships through the Strait of Hormuz) will be paused for a short period of time to see whether or not the Agreement can be finalized and signed.”

Trump cited “great progress” in negotiations but did not provide further details.

Key US Demands Missing From Initial Memo

Sources said the draft memorandum does not initially require concessions from either side, but several longstanding US demands are not mentioned in the preliminary framework.

These include restrictions on Iran’s missile programme, an end to its support for proxy militias in the Middle East, and the future of Iran’s stockpile of more than 400 kg of uranium enriched to near weapons grade.

Iran Reviewing Proposal

CNBC quoted an Iranian foreign ministry spokesperson as saying Tehran is evaluating the 14-point US proposal.

Iranian Foreign Minister Abbas Araqchi said Tehran is holding out for “a fair and comprehensive agreement.”

Strait Of Hormuz Remains Blocked

Iran has effectively shut the Strait of Hormuz to all shipping except its own since the United States and Israel launched the war on February 28.

Washington later imposed a separate blockade on Iranian ports in April.

Although Project Freedom aimed to reopen the strait, the mission failed to restore major shipping traffic and triggered fresh Iranian strikes on vessels and regional targets.