Leaked Draft Iran-US Agreement: Secretary of State Says Talks Make Some Progress

On May 22nd, United States Secretary of State Rubio stated during the NATO Foreign Ministers meeting in Sweden that there has been **"some progress"** in U.S.-Iran negotiations. He also emphasized that the U.S. **"fundamental position remains unchanged,"** that is, **"Iran must not have nuclear weapons."**

Rubio said that to achieve this goal, negotiations must "address the issue of uranium enrichment and deal with the highly enriched uranium that Iran still holds."

In response to this news, international oil prices fell rapidly. Brent crude oil dropped by $1.13/b within 5 minutes, quoted at $103.19/b; WTI crude oil also fell by $1.13/b, and traded at $96.33/b.

Safe-haven assets also reacted simultaneously. The yield on the U.S. 10-year Treasury note touched an intraday low of 4.54%, while the German 10-year Treasury note yield fell by 7 basis points to 3.03%; the S&P 500 index futures rose to 0.4%.

Saudi media claims knowledge of U.S.-Iran draft agreement

Previously, Saudi Arabia's Al Arabiya TV reported that the media exclusively obtained a draft agreement between the **U.S. and Iran "close to being reached,"** which includes an immediate, comprehensive, and unconditional ceasefire on all fronts.

The draft also includes commitments not to target military, civilian, or economic infrastructure for attack; the cessation of all military operations and media warfare; respect for sovereignty and territorial integrity, non-interference in internal affairs; and ensuring freedom of navigation in the Gulf, the Strait of Hormuz, and the Gulf of Oman.

The report also stated that the draft mentioned "commencing negotiations on unresolved issues within 7 days," and proposed "gradual lifting of U.S. sanctions on Iran in exchange for Iran's compliance with the agreement." Al Arabiya TV, citing **sources,** revealed that the agreement will take effect immediately after being formally announced by both the U.S. and Iran.