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U.S. and Iran Exchange Responses on Proposed One-Page Memorandum to Halt Conflict
The U.S. and Iran are close to a one-page, 14-point memorandum of understanding that would end the war and establish a framework for further nuclear negotiations. Washington expects responses from Tehran on several key points in the next 48 hours. Equity markets climbed to records while oil prices fell sharply.
May 6, 9:03 PM·2m read1 source
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U.S. and Iran are close to a one-page, 14-point memorandum of understanding that would end the war and establish a framework for further nuclear negotiations, Axios reported early Wednesday. Washington expects responses from Tehran on several key points in the next 48 hours.
President Donald Trump said that if Iran does not agree to a peace deal it will be bombed at a much higher level and intensity than it was before. Chinese Foreign Minister Wang Yi pressed his Iranian counterpart Abbas Araghchi to pursue a diplomatic resolution to the conflict and refrain from resuming hostilities. Wang Yi and Abbas Araghchi met in Beijing on Wednesday.
U.S. President Donald Trump, displayed on the wall of a state building in downtown Tehran, Iran, on May 3, 2026. Stocks climbed in response to the news of possible peace.
12. 94. Japan's Nikkei 225 surged above 62,000 to a record. South Korea's Kospi hit a new high. The equity gains unfolded even as oil prices dropped sharply on hopes that tensions in the Middle East could ease.
U.S. crude futures sank below the $100 mark for the first time since April 28. S. 08 per barrel. 27 per barrel after Brent crude tumbled nearly 8%.
The energy crisis continues to ripple outward despite the price decline. 3 million barrels per day in April.
Separately, companies around the world are seeking tariff refunds after the Supreme Court ruled Trump's sweeping duties illegal in February. Trump's administration launched a portal for processing tariff refunds after the Supreme Court ruling.
