US and Iran near one-page memorandum to end Gulf war
Updated
Updated · Reuters · May 6
US and Iran near one-page memorandum to end Gulf war
8 articles · Updated · Reuters · May 6
Pakistan, mediating after last month's only peace talks, said a 14-point draft could be closed soon, while Trump paused the three-day Project Freedom naval escort mission.
The proposal would start a 30-day negotiation on reopening the Strait of Hormuz, curbing Iran's nuclear programme, lifting US sanctions and releasing frozen Iranian funds.
Brent crude fell more than 8% as hopes of de-escalation grew, but shipping remained dangerous after a French container ship was hit and crew were injured.
As US and Iranian red lines on uranium enrichment clash, is a permanent peace possible or just a temporary truce?
With oil prices soaring, can a fragile nuclear deal truly secure the world’s most vital waterway?
US-Iran 14-Point Peace Proposal Rejected: Strait of Hormuz Blockade Sparks Global Energy Crisis
Overview
In April 2026, Iran proposed a 14-point peace plan demanding a ceasefire, US troop withdrawal, sanctions relief, and recognition of its nuclear rights. The US rejected this plan, insisting on complete dismantling of Iran's nuclear weapons and an end to Iran's blockade of the Strait of Hormuz. In response to Iran's blockade, the US imposed a naval blockade on Iranian ports and launched a major military operation, Project Freedom, escalating tensions. These blockades caused a severe maritime logjam, spiking global oil prices and triggering an energy crisis that heavily impacted Asian economies. Diplomatic efforts remain stalled amid deep mistrust, with regional proxy conflicts and military actions further complicating prospects for peace.