Pakistan, June 11 -- The United States and Iran have intensified efforts to reach an interim agreement despite ongoing hostilities. The talks matter because they could ease economic pressure and reduce regional tensions. Iranian citizens, businesses, and global energy markets are among those most affected.

Iranian sources and a European official said both sides are exchanging messages on a memorandum of understanding. The discussions focus heavily on releasing billions of dollars in frozen Iranian oil revenues. According to Iranian officials, a political understanding has largely been reached. However, negotiators are still debating technical details and financial mechanisms. Iran wants immediate access to part of its frozen assets. Mean...