US President Donald Trump expressed confidence on Wednesday that a peace deal with Iran was within reach, saying negotiators had made significant progress over the preceding 24 hours. “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,” Trump told reporters in the Oval Office, adding that resolution would come “quickly.”
Tehran confirmed it would formally respond to the US proposal. However, Iranian lawmaker Ebrahim Rezaei, spokesperson for parliament’s influential foreign policy and national security committee, dismissed the offer as “more of an American wish-list than a reality.”
Key Issues Remain Unresolved
According to a Pakistani source and another source briefed on the mediation, negotiators are close to agreeing on a one-page memorandum that would formally end the conflict, now in its third month following its outbreak on 28 February. That agreement would then trigger follow-on talks to lift US sanctions, reopen the Strait of Hormuz, and establish limits on Iran’s nuclear program.
Notably, the preliminary memorandum would not require immediate concessions from either side. Furthermore, it makes no mention of restrictions on Iran’s missile program, its support for proxy forces across the Middle East, or its existing stockpile of more than 400 kilograms of near-weapons-grade uranium.
A senior Pakistani official involved in the talks told Reuters that gaps between the parties remain. “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,” the official said.
Skepticism From Tehran
Iran’s parliament speaker, Mohammad Baqer Qalibaf, publicly mocked reports of an imminent agreement, writing on social media that “Operation Trust Me Bro failed.” Meanwhile, market analysts struck a cautious tone. “The contents of the US-Iran peace proposals are thin, but there is an expectation in the market that further military action will not take place,” said Takamasa Ikeda, senior portfolio manager at GCI Asset Management.
Trump paused a naval mission to reopen the Strait of Hormuz on Tuesday, citing progress in negotiations. Nevertheless, the US military maintained its blockade on Iranian vessels, disabling an Iranian-flagged tanker on Wednesday after it attempted to breach the cordon. The US team, led by envoy Steve Witkoff and senior adviser Jared Kushner, has proposed a 30-day window for full negotiations should both sides endorse the preliminary deal.
