Overview
- Trump, in comments Wednesday, said talks with Tehran were "very good" and halted the 'Project Liberty' ship escorts as U.S. officials awaited an Iranian reply within about 48 hours.
- Draft terms described by multiple outlets outline a one-page, roughly 14-point memorandum that would start a 30-day confidence period with UN inspections and a long nuclear moratorium reported at 12 to 15 years.
- Negotiators have discussed steps tied to reopening the strait and phased relief from U.S. restrictions, with some reports noting possible movement of highly enriched uranium out of Iran.
- Iran's Foreign Ministry said the U.S. proposal remains under review and will respond through Pakistan as a mediator, while a senior Iranian negotiator called the draft coercive.
- Oil prices slid on deal hopes, with Brent down roughly 8% and WTI closing near $95 a barrel, as the U.S. signaled it would hold the current ceasefire despite repeated incidents at sea.