Published Wed, May 6, 2026 · 08:30 PM — Updated Wed, May 6, 2026 · 10:14 PM

[ISLAMABAD/WASHINGTON/TEL AVIV] Iran said on Wednesday it was reviewing a new US proposal, after sources said Washington and Teheran were closing in on a one-page memorandum to end the war in the Gulf while leaving tricky issues such as Iran’s nuclear programme for later.

An Iranian foreign ministry spokesperson, cited by Iran’s ISNA news agency, said Iran would convey its response soon via Pakistan, which hosted the war’s only peace talks and has since served as the main conduit for messages between the sides.

In an early morning social media post, US President Donald Trump gave no details of any specific proposal but said the war could end if “Iran agrees to give what has been agreed to”. He later told the New York Post it was still too soon to consider face-to-face meetings to sign an agreement.

A Pakistani source and another source briefed on the mediation confirmed information initially reported by the US media outlet Axios about a proposed 14-point, one-page memorandum that would formally end the war.

The memorandum would be followed by discussions to unblock shipping through the Strait of Hormuz, lift US sanctions on Iran and agree curbs on Iran’s nuclear programme, the sources said.

“We will close this very soon. We are getting close,” said the source from Pakistan.

Oil prices tumble

Reports of the possible agreement caused global oil prices to plunge, with