The US and Iran are closing in on a one-page memo to end their war, a Pakistani source involved in the peace efforts told Reuters on Wednesday, confirming an Axios report on the same.

“We will close this very soon. We are getting close,” the source said.

The US and Iran are close to an agreement, according to reports by Axios.

A one-page memo is being used as the basis for negotiations and would involve both sides lifting restrictions around transit through the Strait of Hormuz.

It could also involve Iran committing to a moratorium on nuclear enrichment and the US agreeing to lift its sanctions on the country and release billions in frozen Iranian funds.

Iranian foreign minister Abbas Araghchi has held a phone call with his Saudi counterpart, Prince Faisal bin Farhan Al Saud on the ongoing situation in the Middle East.

“The parties in this conversation, whilst reviewing the latest regional developments, stressed the continuation of the path of diplomacy and cooperation between regional countries to prevent the emergence and escalation of tension,” Araghchi said in a statement on his Telegram channel on Wednesday.

The blockage of the strait, through which a fifth of the world’s oil normally flows, has driven energy prices up across the world.

• US president Donald Trump has announced he will pause his ‘Project Freedom’ plan to escort ships through the Strait of Hormuz, citing “great progress” toward a deal to end the war with Iran.
• Iranian president Masoud Pezeshkian said the US is pursuing “a policy of maximum pressure” while also expecting Iran to submit to “unilateral demands” – a contradiction he said is “impossible” for Tehran.
• Iranian foreign minister Abbas Araghchi met his Chinese counterpart Wang Yi in Beijing on Wednesday to discuss “bilateral relations”.
• Pope Leo XIV has rejected Trump’s claim that he supports Iran having nuclear weapons, saying: “For years, the church has spoken out against all nuclear weapons, so there is no doubt on that point.”
• A fire at a shopping centre near Tehran has killed eight people and injured 36, according to local media reports.

The Israeli military issued an urgent warning on Wednesday to residents of 12 towns and villages in southern Lebanon, including some north of the Litani River, telling them to leave their homes, saying Hezbollah had violated the ceasefire agreement.

The military said civilians near Hezbollah fighters or facilities may be at risk.

President Donald Trump described Iranian protesters being shot “between the eyes” by snipers as he subjected a room full of White House guests made up largely of children to a rant about the Iran war on Tuesday.

Trump gave the group of children, reporters and some pro athletes a stark and somewhat gory look into the Iran war as he did his usual weave with the cameras rolling to repeat his most pressing talking points in graphic terms. He then followed it up by launching into a Q&A session with the media, leaving his young guests standing awkwardly by as he rambled on about unrelated issues.

“They would have had a nuclear weapon,” the president told golfer Gary Player, flanked by several young children, with several more standing on the other side of the president. “And, remember, we sent that beautiful B-2 bomber in … we blew up their nuclear potential. It was obliterated

Pope Leo XIV rejected Donald Trump’s claim that he supports Iran having nuclear weapons.

He said: “For years, the church has spoken out against all nuclear weapons, so there is no doubt on that point.”

He added: “If someone wants to criticise me for proclaiming the Gospel, let him do so truthfully.”

Trump earlier had said that the pontiff was “endangering a lot of Catholics” because “he thinks it’s fine for Iran to have a nuclear weapon”.

The remarks come amid rising tensions between Trump and the Pope over the Iran war.

US secretary of state Marco Rubio is expected to meet Leo at the Vatican on Thursday. The Pope said he hopes for “a good dialogue” based on “trust and openness”.