US, Iran near breakthrough deal to end conflict: ‘We will close this very soon’, official says

The United and Iran are nearing formal agreement on a one-page memorandum aiming to end the months-long conflict in the Gulf.

First, the report related to ending the conflict between the US and Iran which cited two US officials and two ​other sources, was published by Axios. Later, the Pakistani source confirmed the authenticity of these claims.

"We will close this very soon. We are getting close," the Pakistani source said.

Officials describe this as the closest the two nations have been to an agreement since the start of war. According to Axios, Washington expects Iran to respond to several critical points within the next 48 hours.

The proposal is structured around several high-stakes concessions, involving nuclear constraints and moratorium on nuclear enrichment. The US would lift sanctions and release billions of dollars in frozen Iranian assets.

Both sides would also lift restrictions from maritime transit and the Strait of Hormuz.

The proposed deal is a one-page memorandum of understanding (MoU) designed to act as a framework rather than a final treaty.

Oil prices plunge

With the circulation of reports to end the war, global oil prices have plunged with benchmark Brent crude falling more than 8 percent to around $100 a barrel.

Talking about the stock markets, the share prices also surged globally and bond yields fell on the hope of ending the conflict.

The report comes hours after Donald Trump announced a pause on Project Freedom to reopen the Hormuz.

Till now, the White House and Iranian officials have not yet responded to these reports.