US and Iran are reportedly negotiating a ceasefire deal where Iran abandons its nuclear program in exchange for sanctions relief. The final draft reportedly includes Iran renouncing nuclear weapons, US sanctions relief, and the release of frozen assets. If an agreement is reached, an immediate ceasefire and the reopening of the Strait of Hormuz are expected, easing geopolitical risk.
Iran formally rejected the US ceasefire proposal and instead presented its own 10-point plan to permanently end the war. This plan includes ceasing regional hostilities, ensuring safe transit through the Strait of Hormuz, and lifting international sanctions. Tehran stated that the US proposal was too onerous, and negotiations will only proceed if its conditions are met.