STORY: :: Tehran, Iran
The United States and Iran are closing in on an agreement on a one-page memorandum to end the war in the Gulf.
A proposed 14-point memorandum would formally end the conflict, followed by discussions to unblock shipping in the Strait of Hormuz, lift U.S. sanctions on Iran and agree to curbs on Iran's nuclear program.
That's according to a Pakistani source familiar with the negotiations and another source briefed on the talks.
:: Islamabad, Pakistan
Pakistan is mediating discussions between Tehran and Washington.
The sources confirmed information initially reported by the U.S. media outlet Axios.
The White House, the State Department and Iranian officials contacted by Reuters did not immediately respond to requests for comment.
The Pakistani source told Reuters, "we will close this very soon. We are getting close."
News of a pending deal sent global oil prices plunging, and global share prices leapt on optimism of an end to disrupted energy supplies.
Before the conflict, nearly one-fifth of global crude oil and liquified natural gas had passed through the Strait.
Iran has effectively shut it to all shipping apart from its own since the United States and Israel launched the war on February 28.
In April, Washington imposed its own separate blockade of Iranian ports.
The memorandum was disclosed hours after U.S. President Donald Trump paused a three-day-old mission to reopen the Strait of Hormuz, citing progress in peace talks.
