US-Iran agree deal to extend ceasefire, says Pakistan’s prime minister – The Irish Times

US-Iran Peace Deal Near Finalization Amid Diplomatic Tensions

Pakistan’s Prime Minister Shehbaz Sharif confirmed on X that a final text of a US-Iran peace deal has been reached, according to a statement from his office. The agreement, mediated by Pakistan and Qatar, aims to reopen the Strait of Hormuz, lift US sanctions on Iranian ports, and dismantle Iran’s nuclear program, a senior US official told The Financial Times.

What’s in the US-Iran Peace Deal?

The proposed deal includes provisions for Iran to clear mines from the Strait of Hormuz within 30 days, as part of a 60-day technical negotiation period. The US would receive enriched nuclear material, while Iran’s nuclear program would be dismantled, according to a senior US official. Additionally, the agreement would extend the April 8 ceasefire by 60 days, with Iran required to remove mines from the waterway during the first 30 days.

Iran’s foreign ministry spokesperson, Esmaeil Baghaei, stated that “meetings of the relevant institutions are under way” to achieve consensus on the deal. However, the Islamic Revolutionary Guard Corps and civilian leadership reportedly support the terms, as noted by the US official.

Why Is This Deal Significant?

The potential agreement could stabilize global oil markets, which have been volatile due to concerns over the Strait of Hormuz. Brent crude fell 3.4% to $84.67 a barrel amid speculation, though prices recovered slightly after Pakistan’s announcement. The deal’s success hinges on Iran’s compliance with nuclear dismantlement and the US’s phased sanctions relief, according to sources familiar with the talks.

Trump criticized Iran for “misrepresenting the details” of the pact, claiming the leaked terms “have NOTHING to do with the terms that were agreed to, in writing.” Iran’s foreign minister, Abbas Araghchi, later stated the memorandum of understanding was “never closer” to finalization, though he urged media to avoid speculation.

How Did the US and Iran Reach This Point?

Mediation efforts by Pakistan and Qatar have been central to the talks. Sharif accused “incessant misinformation campaigns” of undermining the deal, while US officials emphasized broad support within Iran’s leadership. The agreement’s structure prioritizes US concerns, with sanctions relief tied to Iran fulfilling nuclear obligations, according to VP JD Vance.

However, discrepancies exist. The Iran state-affiliated Mehr news agency reported a $24 billion asset release, half of which would be available before negotiations begin. A source familiar with the talks noted that sanctions relief would be “phased and dependent on nuclear talks progress,” contradicting Mehr’s claims.

What Are the Economic Implications?

The deal could unlock $24 billion in frozen Iranian assets, though the US has clarified no funds will be released “for simply signing a deal.” Instead, economic benefits would follow Iran’s compliance with nuclear terms. A $300 billion reconstruction plan for Iran, reported by Mehr, was not mentioned in the memorandum of understanding, according to a source.

The Strait of Hormuz, a critical shipping route for 20% of global oil, remains a focal point. Its reopening could ease supply concerns, but delays or non-compliance could reignite tensions. Oil prices have already shown sensitivity to developments, with Brent crude fluctuating sharply in recent days.

FAQ: Key Questions About the US-Iran Deal

What are the main goals of the US-Iran peace deal?

The agreement aims to reopen the Strait of Hormuz, lift US sanctions on Iranian ports, and dismantle Iran’s nuclear program. It also includes a 60-day technical negotiation period for further details.

How close is the deal to finalization?

Pakistan’s prime minister claims the text is finalized, while Iran’s foreign ministry says “consensus must be achieved.” US officials express confidence in the deal’s prospects, though challenges remain.

What role does Pakistan play in the negotiations?

Pakistan, alongside Qatar, has led mediation efforts. Prime Minister Shehbaz Sharif has accused adversaries of spreading “misinformation” to sabotage the deal.

Did You Know?

The Strait of Hormuz is one of the world’s most strategically vital waterways, with over 17 million barrels of oil passing through daily. A disruption here could send global oil prices soaring.

Pro Tips: What to Watch Next

• Monitor Iran’s progress on mine clearance and nuclear dismantlement.
• Track oil price movements as a barometer of market confidence.
• Follow statements from US and Iranian officials for any shifts in messaging.

Stay informed as this development unfolds. For more updates on global diplomacy, explore our latest coverage.

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