US and Iran Nearing Limited Ceasefire Framework to End Regional War
The United States and Iran are reportedly nearing a one-page memorandum of understanding to establish a limited ceasefire, as of May 7, 2026. The framework, mediated by Pakistan, targets a three-stage pause in direct hostilities and provides a 30-day negotiation window for broader issues like nuclear enrichment. While procedural commitments are being finalized, core disputes regarding Iran's uranium stockpile and its support for regional proxies remain unresolved. Financial markets reacted with relief, dropping oil prices.