SRINAGAR: The United States and Iran are reportedly on the verge of signing a major diplomatic agreement aimed at extending the fragile ceasefire in the Gulf region and opening negotiations on Tehran’s nuclear programme, even as fresh military exchanges between the two sides underscored the volatility of the situation.
According to reports in the global media outlets, negotiators from Washington and Tehran have finalised the framework of a proposed 60-day memorandum of understanding (MOU), though US President Donald Trump has yet to give his final approval.
Axios, citing US officials and regional mediation sources, reported that Trump has asked mediators for “a couple of days” to consider the deal before formally signing off on it.
If approved, the agreement would mark the most significant diplomatic breakthrough since the outbreak of the current conflict and could potentially ease fears of a wider regional war that has rattled energy markets and disrupted shipping through the Strait of Hormuz.
Under the proposed arrangement, shipping through the Strait of Hormuz, a critical global oil artery, would become unrestricted, with Iran committing to remove naval mines from the waterway within 30 days. The US, in return, would gradually lift its naval blockade on Iranian ports in proportion to the restoration of commercial shipping.
The draft framework also reportedly includes an Iranian commitment not to pursue nuclear weapons and opens a 60-day negotiation window focused on Tehran’s stockpile of highly enriched uranium and the future of its uranium enrichment programme.
In exchange, Washington has agreed to discuss sanctions relief, the release of frozen Iranian funds and mechanisms for humanitarian aid and commercial goods to enter Iran.
Reuters reported that financial markets reacted swiftly to the news of a possible breakthrough. Oil prices fell on expectations that Iranian oil exports could resume and shipping disruptions in Hormuz might ease, while the US dollar weakened amid improving risk sentiment.
However, even as diplomats worked to finalise the agreement, the Gulf region witnessed renewed military escalation.
According to AP, the US military accused Iran of violating the ceasefire after Kuwait reported coming under missile and drone attack following fresh American strikes against Iranian targets near the Strait of Hormuz.
US Central Command said Kuwait intercepted missiles fired from Iran late Wednesday, describing the attack as an “egregious ceasefire violation.” Kuwait condemned the incident as “blatant aggression.”
The escalation followed fresh US military action against Iran. AP reported that American forces shot down four Iranian one-way attack drones near the Strait of Hormuz and struck an Iranian ground-control station in Bandar Abbas that was allegedly preparing to launch another drone.
Iran’s Revolutionary Guard later acknowledged retaliatory action against what it described as the base used for launching attacks, though it did not officially name Kuwait.
The Guardian reported that tensions have remained high despite ongoing indirect negotiations mediated by Pakistan, Qatar and Oman. Pakistan’s Foreign Minister Mohammad Ishaq Dar is expected to travel to Washington for discussions with US Secretary of State Marco Rubio as mediation efforts intensify.
The proposed deal has also triggered concerns in Israel. According to The Guardian and Axios, Israeli Prime Minister Benjamin Netanyahu has expressed reservations about aspects of the agreement, particularly provisions linked to Lebanon and Hezbollah.
The draft reportedly envisages that any broader ceasefire arrangement would also cover the conflict involving Hezbollah in Lebanon, though US officials maintain that Israel would retain the right to respond to imminent threats.
Meanwhile, Iran continues to insist that sanctions relief and the release of frozen assets must form part of any final settlement. Tehran is also reportedly seeking separate understandings with Oman regarding navigation arrangements in the Strait of Hormuz.
The AP reported that the current war and disruption in Hormuz have significantly impacted global energy markets, with the strait traditionally handling nearly one-fifth of globally traded oil and natural gas supplies.
Despite the diplomatic momentum, officials on both sides have acknowledged that the proposed MOU remains fragile and could still collapse.
Axios quoted a US official as saying: “This is an agreement to get everybody to the table. We will work out the details in the negotiations.”
Trump, who has repeatedly stated that Iran is “negotiating on fumes,” said Wednesday that while progress had been made, Washington was “not satisfied yet.”
“They want very much to make a deal,” Trump said, according to AP. “So far, they haven’t gotten there. We’re not satisfied with it, but we will be — either that or we’ll have to just finish the job.”
