Summary
- A peace memorandum between the United States and Iran could be signed as soon as Sunday in Geneva, according to a Western source who said negotiators are racing to finalize the language.
- Prime Minister Benjamin Netanyahu’s office said Israel “is not a party to any memorandum of understanding with Iran,” underscoring the difficulty of incorporating Lebanon into the deal.
- If signed, the Geneva memorandum would mark the most significant step yet toward ending the war, though its durability will depend on whether Israel accepts limits on its campaign in Lebanon and whether Iran adheres to commitments once sanctions are lifted.
A peace memorandum between the United States and Iran could be signed as soon as Sunday in Geneva, according to a Western source who said negotiators are racing to finalize the language.
The draft agreement, described by Iranian officials, would waive sanctions on Iran’s oil, unfreeze billions of dollars in assets, and halt hostilities on all fronts — including Lebanon, where Israel continues its campaign against Hezbollah. Nuclear issues would be deferred to later talks.
If completed, the memorandum would be signed by U.S. Vice‑President JD Vance and Iranian Parliament Speaker Mohammed Baqer Qalibaf. President Donald Trump said Thursday he was calling off new strikes on Iran because “the deal is now ready,” adding, “We just made a great settlement of the war with Iran.”
Markets reacted swiftly: global shares rallied and Brent crude fell more than 2 percent on Friday, as traders anticipated the reopening of the Strait of Hormuz, which Iran closed after U.S. strikes in February.
Iran’s Mehr news agency reported that the terms also include U.S. commitments to withdraw forces from around Iran and present a plan for rebuilding its economy. Washington has not yet commented on those claims.
Tensions remain high in the Gulf. U.S. forces shot down two Iranian drones on Thursday after Tehran attempted to strike commercial ships, while Iran’s military stopped a tanker from transiting the strait early Friday.
The conflict, which began on February 28 with U.S. and Israeli strikes on Iran, has killed thousands and driven up global energy prices. Trump’s approval ratings have slipped amid voter anger over gasoline costs, raising concerns among Republicans ahead of November’s midterm elections.
Israel, which launched the war alongside the U.S., has not been included in the peace talks. Prime Minister Benjamin Netanyahu’s office said Israel “is not a party to any memorandum of understanding with Iran,” underscoring the difficulty of incorporating Lebanon into the deal.
If signed, the Geneva memorandum would mark the most significant step yet toward ending the war, though its durability will depend on whether Israel accepts limits on its campaign in Lebanon and whether Iran adheres to commitments once sanctions are lifted.
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