US and Iran explore short-term deal to end fighting

According to Thursday sources and officials, the United States and Iran are moving towards an agreement to end their hostilities temporarily, with a framework for an agreement that is designed to call off the conflict while leaving the contentious parts unresolved.

The deal involves reaching an understanding that will be short term in nature instead of an all-encompassing peace treaty in a move indicative of the wide rift between the two parties.

Even a temporary deal will be sufficient to open up the Persian Gulf route and hopes of such an arrangement have caused financial markets to react favorably, with global stocks reaching new heights on Thursday and oil falling sharply due to the prospects of easing supply shortages.

Iran and the United States have reduced expectations of coming to an agreement due to disagreements especially over the Iranian nuclear program involving highly enriched uranium.

On the contrary, they have been working on a temporary solution aimed at stopping any future conflict and stabilising the passage of shipping vessels in the strait, say sources and officials.

"Their immediate priority will be that they should give a declaration that there is a permanent ceasefire in their war, and then all other issues will follow when they resume direct negotiations," said a senior Pakistani official involved in the mediation process.

The draft plan was to be carried out in three phases: a formal ceasefire, resolution of the crisis in the Strait of Hormuz, and then a 30-day negotiation period for signing a broader agreement, say the sources and officials.

"We are hopeful," said Pakistan’s Foreign Ministry spokesperson, Tahir Andrabi, at a briefing in Islamabad on Thursday in response to when he expected an agreement to be reached.

"I think a straight answer to your question will be that we hope that the agreement will come sooner rather than later."