Donald Trump said the US-Israeli war on Iran could end very soon if Tehran agrees to an outline proposal – but warned that bombing would resume “at a much higher level” if it rejects the plan.
Oil prices tumbled on Wednesday after Iran said it was reviewing the new US proposal.
Sources said Washington and Tehran were closing in on a one-page memorandum to end the chaotic conflict while leaving tricky issues such as Iran’s nuclear programme for later.
An Iranian foreign ministry spokesperson said Iran would convey its response soon via Pakistan, which hosted the war’s only peace talks and has since served as the main conduit for messages between the sides.
The memorandum would be followed by discussions to unblock shipping through the Strait of Hormuz, lift US sanctions on Iran and agree nuclear curbs, sources said.
“We will close this very soon. We are getting close,” said the source from Pakistan.
President Trump gave no details of any specific proposal but hinted the war could end quickly in the event of a deal.
“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 wrote on Truth Social.
“If they don’t agree, the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before.”
A source said US negotiations were being led by Mr Trump’s envoy Steve Witkoff and son-in-law Jared Kushner. If both sides agreed on the preliminary deal, that would start the clock on 30 days of detailed negotiations to reach a full agreement.
The sources spoke of potential curbs on future Iranian enrichment of uranium, but made no mention of Iran’s existing stockpile of more than 400kg of it, already enriched to near weapons grade, which Washington has previously demanded it give up before any end to the war.
In a post on Twitter/X, Iranian lawmaker Ebrahim Rezaei, a spokesperson for parliament's powerful foreign policy and national security committee, described the memorandum as “more of an American wish list than a reality”.
Earlier, Mr Trump announced a pause in “Project Freedom” – the mission he launched two days earlier to guide ships through the blocked strait. It failed to bring about any significant resumption of traffic through the waterway, while provoking a new wave of Iranian strikes on ships in the strait and targets in neighbouring countries, particularly the United Arab Emirates.
In the latest incident, a French shipping company reported on Wednesday that one of its container ships had been struck in the strait the previous day, and injured crew had been evacuated.
Reuters and Associated Press contributed to this report
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