Donald Trump has warned Iran that the US-Israeli war could end soon if Tehran agrees to an outline proposal, but threatened that bombing would resume "at a much higher level" if the plan is rejected. Oil prices tumbled on Wednesday after Iran said it was reviewing the new US proposal.
Peace Talks Progress
Sources indicated that Washington and Tehran were nearing agreement on a one-page memorandum aimed at ending the chaotic conflict, while leaving complex issues such as Iran's nuclear programme for later discussions. An Iranian foreign ministry spokesperson stated that Iran would convey its response soon via Pakistan, which has hosted the war's only peace talks and served as the main conduit for communications between the sides.
The memorandum would be followed by negotiations to unblock shipping through the Strait of Hormuz, lift US sanctions on Iran, and agree on nuclear curbs, according to sources. "We will close this very soon. We are getting close," said a source from Pakistan.
Trump's Ultimatum
President Trump provided no specifics of any proposal but hinted that the war could end quickly if a deal is reached. In a post on Truth Social, he wrote: "Assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption, the already legendary Epic Fury will be at an end, and the highly effective Blockade will allow the Hormuz Strait to be OPEN TO ALL, including Iran. If they don't agree, the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before."
A source revealed that US negotiations were being led by Trump's envoy Steve Witkoff and son-in-law Jared Kushner. If both sides agree on the preliminary deal, it would trigger 30 days of detailed negotiations to reach a full agreement.
Nuclear Concerns
The sources mentioned potential curbs on future Iranian enrichment of uranium but made no mention of Iran's existing stockpile of over 400 kg (900 pounds) of uranium already enriched to near weapons grade. Washington has previously demanded that Iran give up this stockpile before any end to the war.
In a post on Twitter/X, Iranian lawmaker Ebrahim Rezaei, a spokesperson for parliament's foreign policy and national security committee, described the memorandum as "more of an American wish list than a reality."
Military Operations
Earlier, Trump announced a pause in "Project Freedom" – the mission launched two days earlier to guide ships through the blocked Strait of Hormuz. The operation failed to significantly resume traffic through the waterway and provoked a new wave of Iranian strikes on ships in the strait and targets in neighbouring countries, particularly the United Arab Emirates.
In the latest incident, a French shipping company reported on Wednesday that one of its container ships had been struck in the strait the previous day, and injured crew members had been evacuated.
