Dubai/Washington: US President Donald Trump and Pakistani mediators said on Saturday an initial memorandum to end the Middle East war would be signed on Sunday, but Iranian officials warned the agreement might not materialize so quickly.
Pakistani Prime Minister Shehbaz Sharif said the sides had “agreed on a framework for a peace deal” and that Islamabad was preparing for an electronic signing on Sunday, to be followed by technical-level talks next week.
Trump posted on social media that the deal with Iran was scheduled for Sunday and that the Strait of Hormuz — a vital artery for global oil supplies, which Iran has effectively blocked — would be immediately “open to all” after the signing.
Iranian Foreign Ministry spokesperson Esmaeil Baghaei urged caution. State media quoted Baghaei saying: “We will have to wait and see about the exact date of the signing of the memorandum of understanding, although it will not be tomorrow. The possibility of this happening in the coming days cannot be ruled out. However, due to the hesitation of the other side, we must be cautious in making any comments about this process.”
US Official Calls Deal ‘Very Strong’
A US official speaking to reporters declined to be drawn on the timing but called it “a great deal and a very strong deal.” The comments came after rounds of diplomacy that have on several occasions suggested the parties were nearing an initial accord; Sharif wrote on X: “We are closer to a peace deal than ever before.”
Impact On Trade & Security
The conflict, which began on February 28 with joint U.S.-Israeli strikes on Iran, has sent global energy prices sharply higher and killed thousands, mostly in Iran and Lebanon where fighting has revived clashes between Israel and Iran-aligned Hezbollah.
Sources familiar with the talks told Reuters the proposed memorandum would require Iran to reopen the Strait of Hormuz and the US to lift its naval blockade of Iranian ports. “Iran is going to open up the Strait of Hormuz, that’s a requirement. It could be open with no tolls. As they do that, we will lift our blockade,” a US official said. The official added demining the strait could be part of a next phase, possibly involving Group of Seven countries.
Assets, Sanctions & Nuclear Follow-Up
Draft terms shown to Reuters indicate the US would begin releasing billions in frozen Iranian assets and waive sanctions on Iranian oil exports in return for Iran reopening the strait. Baghaei told state media the release of frozen assets was “an integral part of the agreement” and said Iran would have to charge for services in the strait; he also said foreign military bases in the region must end.
Negotiations on Iran’s nuclear programme are slated for a 60-day follow-up period. A US official said the agreement would ultimately lead to dismantling Iran’s nuclear programme, with its stockpile of highly enriched uranium destroyed and removed. Iran’s Foreign Minister Abbas Araqchi said the tentative agreement showed Iran had “emerged stronger from the conflict” and indicated Tehran preferred to retain uranium in diluted form.
Israel Not Party To Memorandum
Israeli Prime Minister Benjamin Netanyahu said Israel would not be party to the memorandum, and Israeli officials signalled they intend to preserve freedom to act against perceived threats.
