(US and Iran signal peace deal near despite differences over terms

DUBAI/WASHINGTON/PARIS: The United States and Iran on Friday appeared to have sharply different understandings of the contents of an emerging pact to end their war, though both sides signalled that an agreement was close.
Pakistan, which has for weeks sought to broker a deal, said a final text of a peace agreement between the United States and Iran had been reached, although there was no immediate confirmation from Washington or Tehran.
'Pakistan is now working closely with both sides to finalise the next steps,' Prime Minister Shehbaz Sharif said in a post on X.
Leaked terms of the proposed memorandum of understanding outlined by Western, Pakistani and Iranian sources on Friday appeared to favour Iran, drawing criticism from US President Donald Trump, who called the reports inaccurate.
While there were ⁠minor differences in the accounts, all appeared to offer Tehran much of what it has demanded so far, with Trump appearing to win little of what he has sought, beyond the reopening of the ⁠Strait of Hormuz, which Iran shut after the US and Israel launched attacks in February.
Trump said leaked comments on a deal did not represent what had been agreed to. 'The terms that Iran leaked out to the Fake News have NOTHING to do with the terms that were agreed to, in writing,' Trump wrote on his Truth Social platform.
'Very dishonourable people to deal with,' he said of the Iranians.
However, shortly afterwards, Trump reposted a social media post by Iranian Foreign Minister Abbas Araqchi, in which Araqchi said a memorandum to end the war had never been closer — and also warned against speculation over its contents until it ​was finalised.
A Western source, an Iranian ⁠source and a Gulf source said a key issue yet to be resolved was language on ceasing hostilities in Lebanon. Iran has demanded Israel end a campaign against Hezbollah.
Under the terms of the text described by other sources to Reuters, the US would immediately begin providing Iran with billions of dollars in unfrozen assets and waive sanctions on its oil exports, in return for Iran opening the strait.
Discussion of Iran's nuclear programme would be set aside for a 60-day period of talks on a final settlement, there would be a discussion of war reparations ​to Tehran, and the dropping of longstanding demands for curbs on Iran's missile programme, the sources said.
Washington has previously demanded Iran give up its stockpile of highly enriched uranium. But none of the versions of the text reviewed by Reuters includes mention of it, and the sources said the demand had been explicitly excluded for now.
The deal ensures economic benefits would only flow to Iran if it meets its obligations under the ​agreement, he said.
A Western source said that if language can be agreed, the memorandum could be signed as soon as Sunday by Vance and Iran's parliament speaker, Mohammad Baqer Qalibaf, with Geneva ​for now seen as the likeliest venue.
Despite ⁠jointly launching the war with the United States, Israel has so far been excluded from the negotiations, and Prime Minister Benjamin Netanyahu said his country would not be party to the memorandum.
OIL PRICE FALLS
Signs ​of a deal emerged at the end of a week that saw the biggest escalation in the Gulf since a ceasefire halted US and Israeli attacks on Iran in April. Israel and Iran traded fire and Washington then launched two days of strikes on Iran, triggering return fire on US bases. Trump's announcement of a deal prompted global shares to rally and oil prices to slip. Brent crude prices were down more than 3 per cent to their lowest in nearly two months.