Oil markets were calmed and expectations of a breakthrough were raised when Donald Trump halted a brief “Project Freedom” to direct ships through the Strait of Hormuz, claiming that progress had been made toward reaching a “Complete and Final Agreement” with Iran.However, the US president himself quickly lowered expectations.
Iran announced on Wednesday that it was examining a fresh proposal from Washington, following reports in US media that unidentified US officials claimed the two sides were nearing a one-page statement to put an end to the Gulf War.
“We will close this very soon,” a person close to Pakistani mediators told the Reuters news agency. We’re getting near. However, Trump quickly reversed his tone just hours after announcing on Truth Social on Tuesday night that he was delaying Project Freedom to see if “the Agreement can be finalized and signed.”
On Wednesday morning, he declared that a deal with Iran was a “big assumption” and that bombing would continue at “a much higher level and intensity than it was before” if one was not reached.
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