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🇳🇵 Nepal /Conflict & Security

US-Iran peace memorandum could be signed on Sunday in Geneva, source says

From Kathmandu Post · () English

Summarized and contextualized by DistantNews.

At a glance

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  • A memorandum to end the Gulf war between the United States and Iran could be signed Sunday in Geneva, according to a Western source.
  • The deal's terms reportedly include waiving sanctions on Iran's oil, unfreezing assets, and halting Israeli attacks on Lebanon, while nuclear issues are deferred.
  • Markets reacted positively to the news, with global shares rallying and oil prices falling, though past declarations of a deal have not materialized.

A potential peace memorandum between the United States and Iran, aimed at halting the Gulf war, could be signed as early as Sunday in Geneva, a Western source told Reuters. The final language of the memorandum is still being negotiated, with Iran insisting the deal must also end fighting in Lebanon involving the Iran-backed Hezbollah militia.

US Vice President JD Vance and Iran’s Parliament Speaker Mohammed Baqer Qalibaf are slated to finalize the wording by Saturday for a potential Sunday signing. While no venue is confirmed, Geneva is considered the most likely location. President Trump announced the halt of new strikes on Iran, citing the readiness of a "great settlement."

We just made a great settlement of the war with Iran.

— Donald TrumpPresident Trump announcing the halt of new strikes on Iran.

However, Iranian officials describe terms that appear to grant Tehran much of its demands, including the reopening of the Strait of Hormuz, which Iran had previously closed. According to a senior Iranian source, the draft includes waiving sanctions on Iran's oil, unfreezing billions of dollars in assets, and a cessation of hostilities on all fronts, including Lebanon. Nuclear issues are to be discussed in later talks.

Mehr news agency reported that the US and its allies would also present plans for Iran's reconstruction worth at least $300 billion. The announcement led to a rally in global shares and a slip in oil prices, though similar deal declarations in the past have not materialized.

The strait will officially open as soon as we sign, which could be soon, very soon, maybe over the weekend in Europe.

— Donald TrumpPresident Trump discussing the reopening of the Strait of Hormuz.
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Originally published by Kathmandu Post. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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