U.S. and Iran move toward potential framework to end Gulf conflict

The United States and Iran are negotiating a potential one-page memorandum of understanding intended to formally end the war that began on February 28. U.S. President Donald Trump has paused 'Project Freedom,' a naval mission aimed at reopening the Strait of Hormuz, citing progress in peace talks. The proposed framework reportedly includes a commitment from Iran to limit uranium enrichment in exchange for the lifting of U.S. sanctions and the release of frozen assets. While the White House expects responses on key issues within 48 hours, Iranian officials remain cautious, with Foreign Minister Abbas Araqchi emphasizing the demand for a fair and comprehensive agreement. Reports indicate that maritime tensions persist, with recent attacks reported in the Strait of Hormuz involving both U.S. destroyers and commercial vessels. The closure of the strait has disrupted 20% of global oil supplies, contributing to an ongoing energy crisis. Global markets reacted to the news with a decline in Brent crude prices to approximately $108 per barrel. Despite reports of progress, both sides acknowledge that significant contentious issues, including nuclear ambitions and maritime control, remain unresolved.