US, Iran Near Preliminary Deal To End War And Ease Hormuz Tensions
2026-05-06 Shafaq News- Washington The United States and Iran are nearing a preliminary agreement aimed at ending the war and opening broader nuclear negotiations, Axios reported on Wednesday, citing two US officials and two additional sources familiar with the talks.
The proposed one-page memorandum of understanding would establish a 30-day negotiation framework covering Iran’s nuclear program, sanctions relief, and navigation through the Strait of Hormuz. Washington is expecting Tehran’s response on several unresolved issues within the next 48 hours, with sources describing the discussions as the closest the two sides have come to a deal since the conflict began.
Under the draft proposal, Iran would temporarily suspend uranium enrichment, allow enhanced international inspections, and provide guarantees that it will not pursue nuclear weapons or related activities. In exchange, the United States would gradually ease sanctions and release billions of dollars in frozen Iranian assets.
The framework also includes phased steps to reopen shipping routes through the Strait of Hormuz, where tensions have disrupted global energy transit in recent weeks.
Axios identified the duration of the enrichment freeze as one of the main unresolved issues. Tehran has reportedly proposed a five-year suspension, while Washington initially pushed for 20 years, with current discussions focusing on a compromise ranging between 12 and 15 years.
Two sources also indicated that Iran may agree to transfer its stockpile of highly enriched uranium abroad, a demand Tehran had previously rejected.
Negotiations are being led by US Envoy Steve Witkoff and Jared Kushner, President Donald Trump’s son-in-law, alongside Iranian officials through direct and indirect channels, with Islamabad and Geneva under consideration for the next round of talks.
Pakistani Prime Minister Shehbaz Sharif welcomed the developments on X, expressing hope that ongoing efforts would lead to a lasting agreement supporting regional peace and stability. He also praised Trump for responding to appeals from Pakistan and other countries, particularly Saudi Arabia, by suspending the “Project Freedom” operation in the Strait of Hormuz.
Senior Israeli military officials, meanwhile, told Channel 12 that the United States lacks the capability to fully secure shipping through the strait. The officials described Trump’s decision to suspend the operation as significant, given the deteriorating regional security environment, and argued that US Central Command cannot guarantee the safety of oil tankers in the waterway. They also characterized an alternative maritime route proposed by Washington along Oman’s coast as narrow and highly vulnerable.
Read more: Washington pursues regional de-escalation through fragile frameworks
Oil Falls Nearly 2% After Trump Hints Iran Talks Breakthrough
2026-05-06 Shafaq News Oil prices fell for a second day on Wednesday on expectations bottled-up supply from the key Middle East producing region could resume flowing after U.S. President Donald Trump indicated a possible peace deal may be reached to end the war with Iran.
Brent crude futures fell $1.89, or 1.7%, to $107.98 a barrel as of 0340 GMT, after dropping 4% in the previous session. U.S. West Texas Intermediate futures eased $1.83, or 1.8%, to $100.44, after settling down 3.9% the day before.
On Tuesday, Trump unexpectedly said he would briefly pause an operation to help escort ships through the Strait of Hormuz, citing progress toward a comprehensive agreement with Iran, without giving details on the agreement. There was no immediate reaction from Tehran.
“This signals potential de-escalation and raises hopes for the release of stranded vessels inside the Gulf, which could gradually bring supply back to the market,” said Anh Pham, senior research specialist for oil at LSEG.
Pham added that prices remain elevated with both Brent and WTI staying above $100 per barrel as prospects for a peace deal remain uncertain, while it will take time for trade flows to be fully restored even if a deal is reached.
Trump said the U.S. Navy would continue its blockade of Iranian ports. The supply loss to the global market has pushed prices higher with Brent trading last week at its highest since March 2022.
“We have mutually agreed that, while the Blockade will remain in full force and effect, Project Freedom … will be paused for a short period of time to see whether or not the Agreement can be finalized and signed,” Trump wrote on social media.
Trump’s announcement came only hours after U.S. Secretary of State Marco Rubio briefed reporters on the effort, announced on Sunday, to escort stranded tankers through the strait. On Monday, the U.S. military said it had destroyed several Iranian small boats, as well as cruise missiles and drones, while guiding two vessels out of the Gulf through the strait.
The Strait of Hormuz closure has drawn down global inventories as refineries try to make up the production shortfall.
U.S. crude oil inventories fell for a third week, while gasoline and distillate stocks also declined, market sources said on Tuesday, citing American Petroleum Institute figures.
Crude stocks fell by 8.1 million barrels in the week ended May 1, the sources said. Gasoline inventories fell by 6.1 million barrels, while distillate inventories fell by 4.6 million barrels compared to a week earlier, the sources said.
(Reuters) https://www.shafaq.com/en/Economy/Oil-falls-nearly-2-after-Trump-hints-Iran-talks-breakthrough
Iraq’s Consumer Prices Rise 1.6% In March
2026-05-06 Shafaq News- Baghdad Consumer prices in Iraq climbed 1.6% in March 2026, with the general price index reaching 110.6 points, up from 108.9 in February, according to the Commission of Statistics and GIS.
On an annual basis, the March index marks a 2.2% increase compared to the same month in 2025, when the index stood at 108.2 points.
For February 2026, the Commission reported a consumer price index of 108.9 points, up 1.0% from January’s 107.8 points. The annual inflation rate for February stood at 0.8%, measured against February 2025, when the index recorded 108.0 points. https://www.shafaq.com/en/Economy/Iraq-s-consumer-prices-rise-1-6-in-March
Gold Prices Rise In Baghdad And Erbil Markets
2026-05-06 Shafaq News- Baghdad/ Erbil Gold prices climbed Wednesday in Baghdad and Erbil markets, surpassing the million-dinar mark, according to a Shafaq News market survey.
On Baghdad’s Al-Nahr Street, wholesale markets recorded a selling price of 1.005 million IQD per mithqal (equivalent to five grams) for 21-carat Gulf, Turkish, and European gold, with a buying price of 1.001 million IQD, up from 983,000 IQD the previous session.
Iraqi 21-carat gold sold at 975,000 IQD per mithqal, with a buying price of 971,000 IQD.
In jewelry stores, 21-carat Gulf gold ranged between 1.005 million and 1.015 million IQD per mithqal, while Iraqi gold sold between 975,000 and 985,000 IQD.
In Erbil, prices also rose, with 22-carat gold selling at 1.048 million IQD per mithqal, 21-carat at 1.000 million IQD, and 18-carat at 857,000 IQD. https://www.shafaq.com/en/Economy/Gold-prices-rise-in-Baghdad-and-Erbil-markets-6-2
Dollar Steady In Baghdad, Rises In Erbil
2026-05-06 Shafaq News- Baghdad/ Erbil The US dollar opened Wednesday’s trading steady in Baghdad and higher in Erbil, hovering around 153,000 dinars per 100 dollars in the capital.
According to Shafaq News market survey, the dollar traded in Baghdad’s Al-Kifah and Al-Harithiya exchanges at 153,100 dinars per 100 dollars, unchanged from the previous session.
In the Iraqi capital, exchange shops sold the dollar at 153,500 dinars and bought it at 152,500 dinars, while in Erbil, selling prices stood at 153,300 dinars and buying prices at 153,150 dinars.
