Iranian state television has reported explosions on Qeshm Island in the Strait of Hormuz, stating they occurred during an 'exchange of fire.' An anchor on state TV reported in Farsi that 'the explosions at the Bahman pier on Qeshm Island occurred during an exchange of fire between Iranian armed forces and the enemy.'
Fox News has reported that airstrikes are also taking place in Bandar Abbas, Iran. US officials have indicated to the network that they do not believe this signifies a 'restarting of the war' or an 'end to the ceasefire.' However, Iran's top joint military command has claimed that the United States carried out air attacks on 'civilian areas' with the 'cooperation of some regional countries.'
These developments come as President Trump sent a one-page memo containing concessions aimed at securing a permanent peace deal. The memo would lift US sanctions, free billions in frozen assets, and open a path to uranium enrichment. The 14-point memorandum of understanding is currently being negotiated between senior Iranian officials and Trump envoys Steve Witkoff and Jared Kushner. The White House believes the memo could finalize a framework to end the war within 48 hours.
If signed, a 30-day window would open for both countries to negotiate a larger agreement covering the reopening of the Strait of Hormuz, the lifting of all US sanctions on Iran, and new limits on its nuclear program. The deal calls for Iran to halt all uranium enrichment for 12 to 15 years with automatic extensions if Tehran violates the terms, according to Axios. Another key provision would require the regime to remove its highly enriched uranium stockpile from the country, though the memo does not specify a destination.
Trump has been at pains to avoid anything resembling the 2015 Obama deal he spent years criticizing as the 'worst deal ever.' However, the emerging framework echoes it in striking ways: sanctions lifted, frozen billions released, and Iran capped at the same 3.67 percent enrichment level agreed to by Obama.
Oil prices plunged on news of the proposed deal, with Brent crude, the global benchmark, falling by more than 10 percent to below $100 per barrel. Stock futures tied to the Dow rose 1.1 percent, S&P 500 futures surged 0.9 percent, while Nasdaq futures climbed 1.6 percent.
