Amid a flurry of media reports claiming that the United States and Iran are on the verge of signing a one‑page memorandum to end their two month old war, Tehran on Wednesday offered a more measured assessment. Foreign Ministry spokesman Esmaeil Baghaei told Iran’s semi‑official ISNA news agency that a US proposal conveyed through Pakistani mediation remains under review and that Iran would communicate its final position only after completing internal assessments. “The US proposal was still being examined,” Baghaei said, adding that Iran would convey its conclusions to the Pakistani side once its review process was finalised.
ISNA also reported that parts of the content published by US outlet Axios regarding a possible agreement were “media speculation,” and stressed that the Iranian negotiating team remained focused on the issue of “ending the war completely.” According to the report, nuclear issues “were not under discussion at this stage” of negotiations. Separately, Iran’s Tasnim news agency, citing an informed source, reported that Tehran had not yet formally responded to the latest US proposal because some provisions were viewed as unacceptable.
The media frenzy was triggered by an Axios report on Wednesday, citing two US officials and two other sources familiar with the discussions, which claimed that Washington and Tehran were closing in on a one‑page, 14‑point memorandum of understanding to end the war. According to the report, the proposed memorandum would declare an end to the conflict and launch a 30‑day negotiation process covering the Strait of Hormuz, Iran’s nuclear programme and sanctions relief. Axios said discussions under the draft include a temporary moratorium on uranium enrichment, phased sanctions relief and expanded inspections of Iran’s nuclear activities, while stressing that no final agreement had been reached.
A Pakistani source familiar with the negotiations confirmed that the US and Iran were indeed “closing in” on such an agreement, telling a news outlet: “We will close this very soon. We are getting close.” However, Baghaei’s comments earlier in the week had already poured cold water on such optimism. During a Monday press conference, he said the US message conveyed through Pakistan remained under review and that Washington continued to raise “unreasonable demands.” Referring to media reports about Iran’s reported “14‑point initiative,” the spokesman said issues related to enrichment and nuclear materials remained speculative and had not reached any finalised understanding.
The diplomatic flurry came hours after US President Donald Trump announced a pause to “Project Freedom,” a high‑profile naval operation launched just days earlier to escort stranded merchant ships through the Strait of Hormuz. In a post on Truth Social, Trump said the decision was based on “great progress” toward a comprehensive agreement with Iran, as well as the “request of Pakistan and other Countries.” “While the Blockade will remain in full force and effect, Project Freedom … will be paused for a short period of time to see whether or not the Agreement can be finalized and signed,” Trump wrote.
The announcement sent global oil prices tumbling, with Brent crude futures falling more than 8% to around $100 a barrel, as markets reacted to the prospect of an end to the conflict that has disrupted global energy supplies for two months. Operation “Project Freedom,” which began on Monday, had already failed to bring about any significant resumption of traffic through the waterway, while provoking a new wave of Iranian strikes on ships in the strait and on targets in neighbouring countries. Iran has denied that any crossings took place and also denied carrying out missile or drone operations against the UAE in recent days.
Throughout the crisis, Pakistan has emerged as an indispensable intermediary. Islamabad hosted the war’s only peace talks so far on April 11‑12, and its military and civilian leadership have continued to shuttle between Washington and Tehran, ferrying proposals and keeping diplomatic channels alive. Pakistani Foreign Minister Ishaq Dar described the transfer of 22 Iranian crew members from a US‑seized vessel as a “confidence‑building measure,” and Prime Minister Shehbaz Sharif thanked Trump for pausing “Project Freedom,” crediting the requests of Pakistan, Saudi Arabia and other “brotherly countries.”
Pakistan’s role has been widely appreciated by both sides, and it is now expected to host a second round of talks next week, according to Pakistani government sources. For Iran, Pakistan’s good offices are a vital lifeline. By providing a trusted channel of communication, Islamabad has enabled Tehran to engage with Washington without the humiliation of direct talks under the shadow of war.
As the diplomatic drama unfolded, Iranian Foreign Minister Abbas Araghchi was in Beijing for talks with his Chinese counterpart, Wang Yi. The meeting, which took place on Wednesday, was the first in‑person encounter between the two top diplomats since the war began. According to a statement from China’s Foreign Ministry, Wang Yi said: “We are ready to continue our efforts to reduce tensions.” More significantly, he praised the resilience of the Iranian people during the recent war and called the US‑Israeli military actions “illegitimate.”
The timing of Araghchi’s visit, just days before President Trump is himself scheduled to arrive in Beijing for a state visit is notable. By hosting the Iranian foreign minister ahead of the US president, China is signalling that it intends to play a more active role in Middle East diplomacy, and that it will not allow Washington to dictate the terms of regional security. For Iran, Beijing’s support is a valuable counterweight to American pressure.