US and Iran explore short-term deal to end fighting

The United States and Iran are edging toward a temporary agreement to halt ​their war, sources and officials said on Thursday.

According to Reuters news agency, Iran's foreign ministry spokesperson said Tehran had not yet reached ‌a conclusion on the emerging plan, which according to the sources centres on a short-term memorandum rather than a comprehensive peace deal.

Hopes that even a partial deal could lead to the reopening of the Strait of Hormuz have already moved markets, with oil prices sliding again on bets that supply disruptions could ease and global stocks largely holding onto record highs.

Tehran and Washington have scaled back ambitions for a sweeping settlement as differences persist, particularly over Iran's nuclear programme - including the fate of its highly enriched uranium stockpiles and how long Tehran would ​halt nuclear work.

Instead, they are working toward a temporary arrangement set out in a one-page memo aimed at preventing a return to conflict and stabilising shipping through the strait, the sources and officials said.

"Our priority is that they ​announce a permanent end to war and the rest of the issues could be thrashed out once they get back to direct talks," a senior Pakistani official involved in mediation ⁠between the two sides told Reuters.

The proposed framework would unfold in three stages: formally ending the war, resolving the crisis in the Strait of Hormuz and launching a 30-day window for negotiations on a broader agreement, according to the sources and ​officials.

Tehran said Foreign Minister Abbas Araqchi held a phone call on Thursday with Ishaq Dar, his counterpart in Pakistan, which has taken a leading role in mediation efforts.

"We remain optimistic," Pakistan's foreign ministry spokesperson Tahir Andrabi told a briefing in Islamabad ​when asked how quickly a deal could come.

"A simple answer would be that we expect an agreement sooner rather than later.—Reuters