A peace deal between the US and Iran soon? Stock Update Iran FM Abbas Araghchi says MoU 'has never been closer'

Hours after US President Donald Trump on Friday (local time) called the leaked Iranian terms of the peace deal “false”, Iranian Foreign Minister Abbas Araghchi said the memorandum of understanding (MoU) had “never been closer”.

In a post on X, Araghchi wrote: “The Islamabad MoU has never been closer. Pending its finalisation, the media should refrain from speculating about its contents. In line with our responsible and transparent approach, all details will be shared with the public in due course.”

The AP news agency, citing three regional officials, said Washington and Tehran were close to signing an agreement aimed at ending the war. A senior US official also said the tentative agreement includes conditions for the removal and destruction of nuclear material from the Islamic Republic.

Araghchi’s remarks come as expectations have grown in recent days that the two sides are on the verge of an agreement, despite lingering tensions and points of contention.

The apparent breakthrough in talks comes after Iran exchanged fire with the US and Israel over three days this week, threatening to return the Middle East to all-out war.

Trump criticizes Iran for leaked remarks

Earlier today, the US president criticized Iran for the leaked terms in a Truth Social post. He wrote: “The terms that Iran leaked to Fake News have NOTHING to do with the terms that were agreed upon in writing. What they said, including their lame and pathetic statement about the deal, has no relation to the truth. Very dishonest people to deal with. There is no such thing as dealing with them in good faith.”

What did the draft text contain?

Iranian state media said on Friday that Tehran would not relinquish control over the strategic Strait of Hormuz under a draft deal with the US. “In this text, Iran makes no commitment to relinquish the management of the strait or to restore the conditions that existed before the US and Israeli military aggression,” the official IRNA news agency said, citing the “broad outlines of the current text” being finalized.

Citing a source close to the negotiating team, Iran’s Mehr news agency published what it said was the text of the final draft agreement. The draft, according to the report, calls for an end to the conflict on all fronts, including in Lebanon, the release of $24 billion in Iranian assets that remain frozen abroad and the creation of a 60-day window for talks on Tehran’s nuclear program.

It also provides for a “suspension of sanctions on the sale” of Iranian oil and petrochemical products, as well as a “complete lifting of the US naval blockade” on Iranian ports, effective April 13.

Mehr said the proposal also emphasizes the need for the United States and its allies to compensate Iran for war-related damages and “put forward at least $300 billion in reconstruction plans for Iran.”

He added that “final negotiations will not begin until half of Iran’s blocked funds are released, Iranian oil sanctions are suspended and the naval blockade is lifted.”

Iran’s nuclear program has remained a major point of contention for Washington, which has consistently argued that Tehran should end its uranium enrichment activities and move its stockpile of highly enriched uranium out of the country.

Traffic through Hormuz, a vital global shipping route, has come under Iranian control since the outbreak of war. Iran, which has allowed only a trickle of ships to pass through the strait, has insisted that vessels obtain permission from its armed forces before transiting.

While Iranian officials have hinted that a peace deal is close, the US president has criticized the Islamic Republic. Conflicting statements from the two countries continue to keep the global economy on edge. While Islamic Republic officials say Tehran will not relinquish control of Hormuz and will continue to exercise its right to enrich uranium, the US president has consistently said Iran will have to give up uranium enrichment. What the final agreement will contain, however, remains to be seen.