The latest round of US Iran peace talks has raised hopes for a possible end to the ongoing conflict, with President Donald Trump saying both sides are making progress toward an agreement.
Speaking to reporters at the White House, Trump said discussions over the past 24 hours had been productive and suggested the conflict could end soon. He added that both countries appeared interested in reaching a deal.
The war between the United States and Iran began on February 28 and has created serious concerns over regional security, global energy supplies and rising tensions in the Middle East.
According to sources familiar with the mediation efforts, negotiators are close to finalising a one-page memorandum that could formally end the conflict. The proposed agreement would open the door for further talks on restoring shipping through the Strait of Hormuz, easing sanctions on Iran and setting limits on Iran’s nuclear activities.
Despite the optimism surrounding the US Iran peace talks, several major issues remain unresolved. Washington continues to push Iran to scale back its nuclear programme and reopen the Strait of Hormuz, a key global trade route that once handled nearly one-fifth of the world’s oil and gas supply.
Iran has not yet officially accepted the proposal. A spokesperson for Iran’s foreign ministry said Tehran would soon share its response. Meanwhile, Iranian lawmaker Ebrahim Rezaei criticised the proposal and described it as more of an American wish-list than a realistic agreement.
Iranian parliament speaker Mohammad Baqer Qalibaf also appeared to dismiss reports of a breakthrough. In a social media post, he mocked claims that the two sides were close to reaching a deal.
News about the possible progress in US Iran peace talks affected global financial markets. Oil prices dropped sharply, with Brent crude falling to its lowest level in two weeks before recovering slightly. Global stock markets also reacted positively as investors hoped the conflict might come to an end.
Analysts said the market response reflected growing expectations that military escalation could slow down in the coming days.
Reports also revealed that Trump recently paused a naval mission aimed at reopening the Strait of Hormuz because of progress in negotiations. According to US media reports, Saudi Arabia opposed the use of its military bases and airspace for the operation, creating further pressure for diplomatic talks.
Sources said the US negotiating team includes Trump’s envoy Steve Witkoff and Jared Kushner. If both sides agree to the preliminary memorandum, detailed negotiations could continue for another 30 days to reach a complete agreement.
However, several difficult matters still remain on the table. These include Iran’s missile programme, support for armed groups in the Middle East and the country’s stockpile of near-weapons-grade uranium.