Axiosreports that the White House is nearing a preliminary deal with Iran to end the war. This is based on a 14-point, one-page memorandum that creates a 30-day negotiating window for a broader nuclear and Strait of Hormuz deal. News of this sparked risk on in U.S. equity index futures, WTI fell to the $95-a-barrel handle, and U.S. Treasury yields dipped.
"The U.S. expects Iranian responses on several key points in the next 48 hours. Nothing has been agreed yet, but sources said this was the closest the parties had been to an agreement since the war began," Axios wrote in the report.
Iran would commit to a moratorium on uranium enrichment. The duration is still under negotiation, with the U.S. pushing for 20 years, Iran offering five, and sources suggesting 12 to 15 years may be the likely spot.
Iran would also pledge not to seek nuclear weapons, accept enhanced inspections, potentially halt underground nuclear facility operations, and possibly remove highly enriched uranium from the country.
The U.S. would gradually lift sanctions and release billions of dollars in frozen Iranian funds.
Shipping restrictions through the Hormuz chokepoint and the U.S. naval blockade would be gradually lifted during the 30-day talks. If negotiations fail, U.S. forces could restore the blockade or resume military action.
Axios said talks are being led by Trump envoys Steve Witkoff and Jared Kushner with top Iranian officials, both directly and through mediators.
Source: ZeroHedge News
