Trump said ‘Project Freedom’ would be paused ‘for a short period of time’
A deal would be dependent on both sides lifting their restrictions around the Strait of Hormuz. It is also reported to involve Iran committing to a moratorium on nuclear enrichment and the US agreeing to lift its sanctions on the country and release billions in frozen Iranian funds.
The news emerged shortly after President Donald Trump announced he would pause his plan to escort ships through the Strait of Hormuz, citing “great progress” toward a deal to end the war with Iran.
The US naval blockade of Iranian ports will remain in effect, according to Trump.
Global stocks surge and oil slides on Iran peace deal report
Stocks leapt, and oil prices dropped on Wednesday after a report said the White House believed it was closing in on a memorandum to end the war with Iran, while momentum in AI-driven trades accelerated.
The report by news outlet Axios said the US expected Iranian responses on several key points in the next 48 hours. A Pakistani source involved in the peace efforts confirmed the report to Reuters on Wednesday.
Europe’s leading stock indices climbed more than 2 per cent on Wednesday, according to Euro News.