Mike Baker

As we've been tracking here on the PDB, the U.S.

launched multiple rounds of strikes against Iranian targets this week, while Tehran responded with attacks on U.S.

positions and continued pressure on shipping in and around the Strait of Hormuz.

Yet despite the military escalation, negotiations appear to have continued, in some fashion, behind the scenes.

According to Reuters, multiple versions of the proposed memorandum suggest the U.S.

would eventually release billions of dollars in frozen Iranian assets and ease sanctions on Iranian oil exports.

In return, Iran would reopen the Strait of Hormuz and enter a new 60-day negotiating process aimed at reaching a broader settlement.

But perhaps the most striking detail is what reportedly does not appear in the leaked versions of the agreement.

For months, Washington has insisted that any long term deal must address Iran's stockpile of highly enriched uranium, which now reportedly exceeds 400 kilograms and sits near weapons grade purity.

Yet Reuters reports that none of the draft text reviewed by its sources explicitly requires Iran to surrender or destroy that stockpile.

Instead, discussion of Iran's nuclear program would reportedly be deferred to a future round of negotiations, while Iran would simply reaffirm its longstanding position that it does not seek nuclear weapons.

That omission appears to be one reason the White House is now pushing back so aggressively.

A senior US official told Reuters that any final agreement would still require Iran's enriched uranium stockpile to be removed and destroyed, while economic benefits would only be delivered to the regime if the regime fulfills its obligations.

Vice President JD Vance also emphasized that any sanctions relief would be tied to Iranian compliance.

In other words, Washington is strongly disputing the leaked descriptions of the agreement, saying they do not accurately reflect the terms that have been under discussion.

Meanwhile, several key issues remain unresolved.

It sounds like the whole thing remains unresolved, but that's just me being churlish.

Reuters reports that negotiators are still struggling to reach an agreement on language related to Lebanon, where Iran has demanded that Israel halt military operations against Hezbollah.

Israeli Prime Minister Netanyahu has already indicated that Israel will not be a party to the memorandum, highlighting growing tensions between Washington and Jerusalem over the direction of the negotiations.

Despite those disagreements, both American and Iranian officials are signaling that progress is being made.