Iran Memo Still Under Tehran Review; No Final Signing Yet
The one-page memo to end the 69-day war remains under formal review in Tehran and has not yet been signed, according to CNN and NPR reporting overnight. Iran’s foreign-ministry spokesman Esmaeil Baqaei reiterated that Tehran is finalising its position and will channel its formal response via Islamabad. The 30-day post-signing negotiation window covers nuclear, sanctions and Hormuz access. Trump told reporters the war would be “over quickly”; the IAEA verification mechanism remains the chief sticking point.
A multi-day delay between “closing in” and “signed” is itself the diplomatic story: Tehran is using the review window to extract IAEA-access concessions, while Washington holds the Hormuz pause as conditional leverage. The 12-year enrichment moratorium is structurally defensible in Tehran because it falls short of the 20-year US opening position; Iran can sell it domestically as a successful negotiation. The memo is unlikely to be signed before the weekend; markets may begin to retrace some of Wednesday’s 7.8% Brent collapse if Saturday opens with no deal.