US and Iran near deal to end Gulf tensions

The United States and Iran are reportedly in the final stages of reaching an understanding to end ongoing Gulf tensions, according to a source cited by Reuters through Pakistan-based mediators.
The source confirmed earlier media reports suggesting that both sides are working on a one-page memorandum aimed at ending hostilities, as first reported by US outlet Axios.
It said the negotiations are “very close” to completion, with final details expected to be settled soon.

Read More: Hormuz operation paused amid US, Tehran talks: Trump
The prospect of a deal has already influenced global markets, with oil prices falling sharply and Brent crude dropping more than 8 percent to around $100 per barrel. Global stock markets rose while bond yields declined amid improved investor sentiment.
However, neither the White House, the US State Department, nor Iranian officials have issued immediate comments on the reported progress. A spokesperson for Iran’s Foreign Ministry said Tehran is reviewing a 14-point proposal from the United States.
Earlier, Axios reported that the White House believes it is close to finalising a one-page agreement to end the conflict, coming as President Donald Trump reportedly paused a naval operation related to reopening the Strait of Hormuz.