Trump says Iran will be bombed ‘at much higher level’ if they don’t agree to peace deal

Summary

CNBC's Dan Murphy reports from Abu Dhabi on an Axios report that the US and Iran are closer to a deal to end the war. The proposed memorandum of understanding would reopen the Strait of Hormuz, halt Iranian nuclear enrichment, and lift US sanctions. Oil prices fell on the news, but key hurdles remain as Iran's leadership is divided.

• Axios reports US and Iran are closer to a deal than at any point since the war began.
• A 14-point memorandum of understanding is under consideration by Iran's foreign ministry.
• The deal would end the war, reopen the Strait of Hormuz, and freeze Iranian nuclear enrichment.
• Trump posts on Truth Social threatening massive bombing if Iran does not agree.
• Oil prices have declined on the positive deal signals.
• Key hurdles remain, including deep divisions within Iran's leadership.