ISLAMABAD/WASHINGTON/TEL AVIV: Iran said on May 6 that it is looking at a new proposal from the United States.  

Reports say both countries are getting close to agreeing on a short, one-page plan to stop the war in the Middle East, while leaving difficult issues like Iran's nuclear program to be discussed later.

An Iranian foreign ministry spokesperson, quoted by Iran's ISNA news agency, said Iran will soon send its reply through Pakistan. Pakistan hosted the only peace talks during the war and is now acting as the main channel for communication between the two sides.

U.S. President Donald Trump did not give details about the proposal but said the war could end if Iran agrees to the terms already discussed. He also said it is still too early to plan face-to-face meetings to sign a deal.

Sources from Pakistan and others involved in the talks confirmed reports that a 14-point, one-page agreement is being prepared to formally end the war. After that, further talks would focus on reopening shipping in the Strait of Hormuz, removing U.S. sanctions on Iran, and limiting Iran's nuclear activities.

A Pakistani source said the deal could be finalized very soon. However, the White House, the State Department, and Iranian officials have not yet commented publicly.

There was also no response from Israel, a key U.S. ally, which wants tougher conditions before any deal. An Israeli source said the country is not aware of any near agreement and is instead preparing for possible increased fighting.

News of a possible deal caused global oil prices to drop sharply, while stock markets rose and bond yields fell, as investors hoped the war might end soon.

Trump said that if Iran agrees, the conflict, called "Epic Fury", would end and the blockade would be lifted, reopening the Strait of Hormuz to all countries, including Iran. But he warned that if Iran refuses, the U.S. would resume bombing at a higher intensity.

Earlier, Trump had paused a naval operation aimed at reopening the blocked strait, saying there was progress in peace talks.

The negotiations are reportedly being led by Trump's envoy, Steve Witkoff, and his son-in-law, Jared Kushner. If both sides agree to the initial plan, they will begin 30 days of detailed talks to reach a full agreement.

A final deal could include the U.S. lifting sanctions and releasing frozen Iranian money, both sides ending their blockades in the Strait of Hormuz, and limits on Iran's nuclear program, possibly including a temporary pause on uranium enrichment.