-- The White House is reportedly nearing a breakthrough with Tehran on a one-page memorandum of understanding designed to end the current conflict, several media outlets reported Wednesday.
According to a report by Axios on Wednesday, which was later confirmed by a Reuters' report, citing a Pakistani source involved in the mediation, the two nations are currently the closest they have been to an agreement since hostilities began.
Crude oil and gas futures contract fell sharply following the news.
The diplomatic surge comes directly after US President Donald Trump announced a pause to "Project Freedom," citing "great progress" in peace talks.
Iranian President Pezeshkian has previously stated that any agreement must be "fair" and include the lifting of the naval blockade that has crippled regional trade.
The new agreement reportedly includes talk on Iran's nuclear program and lifting of sanction.
reached out to both US and Iranian authorities for comments which went unanswered.