US, Iran 'closing in on' memorandum to end war

ISLAMABAD/WASHINGTON, May 6 (Reuters): The United States and Iran are closing in on an agreement on a one-page memorandum to end the war in the Gulf, a source from mediator Pakistan familiar with the negotiations said.
The Pakistani source said a report earlier by the U.S. media outlet Axios on the proposed memorandum was accurate. The Axios report had cited two U.S. officials and two other sources familiar with the discussions.
"We will close this very soon. We are getting close," the Pakistani source said. Last month Pakistan hosted the war's only peace talks so far, and it has continued in that role of mediator, ferrying proposals between the sides.
Reports of the possible agreement to end the war caused global oil prices to plunge, with benchmark Brent crude futures falling more than 8% to around $100 a barrel. Global share prices also leapt and bond yields fell on optimism of an end to a war that has disrupted energy supplies.
The White House, the State Department and Iranian officials contacted by Reuters did not immediately respond to requests for comment. U.S. news channel CNBC quoted a spokesperson from the Iranian foreign ministry as saying Tehran was evaluating a 14-point U.S. proposal.
Axios reported that the White House believed it was closing in on a one-page memorandum to end the war with Iran. The report came hours after U.S. President Donald Trump paused a three-day-old naval mission to reopen the Strait of Hormuz.
The Axios report said the U.S. expected Iranian responses on several key points in the next 48 hours.
Among other provisions, Axios said, the deal would involve Iran committing to a moratorium on nuclear enrichment, the U.S. agreeing to lift its sanctions and release billions of dollars in frozen Iranian funds, and both sides lifting restrictions around transit through the Strait of Hormuz.
The one-page, 14-point memorandum of understanding was being negotiated between U.S. envoys Steve Witkoff and Jared Kushner and several Iranian officials, both directly and through mediators, Axios said.
Earlier, Trump announced a pause to "Project Freedom", a mission he announced on Sunday to guide ships through the blocked strait.