- Iran and the United States are reportedly closer than ever to agreeing a peace deal to end two months of hostilities, with Donald Trump stating there have been "good talks over the last 24 hours".
- The White House is currently awaiting Tehran's response to a one-page Memorandum of Understanding (MOU) which aims to end the conflict and establish a framework for future nuclear negotiations.
- The proposed MOU includes Iran committing to a moratorium on nuclear enrichment, while the US would lift sanctions and release billions in frozen Iranian funds, with a 30-day negotiation period for a detailed agreement.
- Both nations would eventually lift their blockades in and around the Strait of Hormuz, allowing free passage for commercial shipping, through which a significant portion of the world's crude oil transits.
- Discussions are ongoing regarding the duration of Iran's nuclear enrichment moratorium, with a 12-year period currently being considered, and the MOU would also commit Tehran to intensified UN inspections and never to build a nuclear weapon.
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