Iran reviewing US proposal to end war, though key demands remain unaddressed
US President Donald Trump has issued an ultimatum for Iran to accept a deal to end the war or face intense renewed bombing.
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ISLAMABAD: Iran said on Wednesday (May 6) it was reviewing a US peace proposal that sources said would formally end the war while leaving unresolved the key US demands that Iran suspend its nuclear program and reopen the Strait of Hormuz.
An Iranian foreign ministry spokesperson cited by Iran's ISNA news agency said Tehran would convey its response.
US President Donald Trump predicted on Wednesday night that the war in Iran will be over quickly.
"When you look at the kind of things that are happening, we are doing that for one very important reason: We cannot allow them to have a nuclear weapon. So I think most people understand that. They understand that what we are doing is right, and it'll be over quickly," Trump told a tele-rally for Georgia Republican governor candidate Burt Jones.
Earlier in the day, Trump said he believed Iran wanted an agreement.
"They want to make a deal. We've had very good talks over the last 24 hours, and it's very possible that we'll make a deal," he told reporters in the Oval Office on Wednesday.
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Earlier in the day, Trump had sounded more pessimistic about the chances of a deal. In a Truth Social post, he threatened to restart the US bombing campaign in Iran, calling the possibility of Tehran agreeing to the latest US proposal a "big assumption".
Trump has repeatedly played up the prospect of an agreement that would end the war that started Feb 28, so far without success. The two sides remain at odds over a variety of difficult issues, such as Iran's nuclear ambitions and its control of the Strait of Hormuz, which before the war handled one-fifth of the world's oil and gas supply.
A Pakistani source and another source briefed on the mediation said an agreement was close on a one-page memorandum that would formally end the conflict. That would kick off discussions to unblock shipping through the strait, lift US sanctions on Iran and set curbs on Iran's nuclear programme, the sources said.
It was unclear how the memorandum differs from a 14-point plan proposed by Iran last week, and Iran has yet to respond to the latest US proposal.
Iran's semi-official Tasnim news agency, citing an unnamed source, said the US proposal contained some unacceptable provisions, without specifying which ones.
Iranian lawmaker Ebrahim Rezaei, a spokesperson for parliament's powerful foreign policy and national security committee, described the text as "more of an American wish-list than a reality".
"The Americans will not gain anything in a war they are losing that they have not gained in face-to-face negotiations," he wrote on social media.
OIL PRICES TUMBLE
Reports of a possible agreement caused global oil prices to tumble to two-week lows, with benchmark Brent crude futures falling around 11 per cent to around US$98 a barrel at one point before rising back above the US$100 mark.
Global share prices also leapt and bond yields fell on optimism about an end to a war that has disrupted energy supplies. Trump on Tuesday paused a two-day-old naval mission to reopen the blockaded strait, citing progress in peace talks.
The US military has kept up its own blockade on Iranian ships in the region. US Central Command said forces fired at an unladen Iranian-flagged tanker on Wednesday, disabling the vessel as it attempted to sail toward an Iranian port in violation of the blockade.
NO MENTION OF KEY US DEMANDS
The source briefed on the mediation said the US negotiations were being led by Trump's envoy Steve Witkoff and son-in-law Jared Kushner. If both sides agreed on the preliminary deal, that would start the clock on 30 days of detailed negotiations to reach a full agreement.
The full agreement would end the competing US and Iranian blockades on the strait, lift US sanctions and release frozen Iranian funds. It would also include some curbs on Iran's nuclear programme, with the aim of a pause or moratorium on Iranian enrichment of uranium.
While the sources said the memorandum would not initially require concessions from either side, they did not mention several key demands Washington has made in the past, which Iran has rejected, such as curbs on Iran's missile programme and an end to its support for proxy militias in the Middle East.
The sources also made no mention of Iran's existing stockpile of more than 400kg of near-weapons-grade uranium.
Israeli Prime Minister Benjamin Netanyahu, Trump's ally against Iran, said on Wednesday the two leaders agreed that all enriched uranium must be removed from Iran to prevent it from developing a nuclear bomb.
Tehran denies wanting to acquire a nuclear weapon.
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