• US President Donald Trump announced a temporary pause of the military operation ‘Project Freedom’ to escort ships through the Strait of Hormuz, just one day after it began.
  • Trump cited ‘great progress’ in negotiations with Iran as the reason for the pause, but simultaneously threatened to resume bombing with greater intensity if no deal is reached.
  • According to an Axios report, Washington and Tehran are close to a 14-point memorandum of understanding including a moratorium on uranium enrichment and release of frozen Iranian assets.
  • Iran’s foreign ministry spokesman dismissed reports of an imminent deal, saying the proposal is under review.
  • Brent crude oil prices fell about 11% to $98 per barrel on optimism over a possible agreement.
  • Pakistan is mediating the talks, and a response from Tehran is expected within 48 hours.

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