Overview
- President Donald Trump said Wednesday that talks with Iran were "very good" and a deal was "very possible" after the White House paused Project Liberty, the U.S. naval escort of commercial ships in the Gulf.
- Multiple outlets report a one‑page, 14‑point draft memorandum that would start a 30‑day negotiation to phase the reopening of the Strait of Hormuz in exchange for a long nuclear moratorium, tighter inspections and the release of some frozen funds, though neither side has confirmed the terms.
- Iran’s Foreign Ministry said the U.S. proposal remains under review and that Tehran will channel its response through Pakistan, with U.S. officials expecting a reply within roughly 48 hours according to Axios and other reports.
- Oil prices fell on the prospect of de‑escalation, with U.S. crude (WTI) down about 7% and Brent also dropping sharply as traders bet on a partial resumption of flows through the chokepoint.
- The Strait of Hormuz carries about one‑fifth of the world’s seaborne oil, so any deal that restores safe passage could lower fuel costs and reduce risk for crews and shippers across global trade routes.