The United States believes it is close to reaching an agreement with Iran on a one-page memorandum of understanding aimed at ending the war and establishing a framework for more detailed nuclear negotiations, Axios reported on Wednesday. Washington is expecting Tehran’s response on several key issues within the next 48 hours, though no final agreement has been reached, according to the report.However, it added that this is the closest the two sides have come to ending hostilities since the conflict began with joint US-Israeli strikes across the Islamic Republic on February 28. The proposed deal would reportedly require Iran to commit to a moratorium on nuclear enrichment, while the US would lift sanctions and release billions in frozen Iranian funds. Both sides would also ease restrictions on transit through the Strait of Hormuz, which Iran has effectively. About 20% of the world’s crude oil supply passes through the Strait of Hormuz. The 14-point draft is being negotiated by envoys Steve Witkoff and Jared Kushner on behalf of President Donald Trump, through both direct and mediated channels with Iranian officials. In its current form, the memorandum would declare an end to the conflict and initiate a 30-day negotiation period to finalize a broader agreement covering the reopening of the strait, limits on Iran’s nuclear program, and the lifting of US sanctions. During this period, Iran’s restrictions on shipping and the US naval blockade on Iranian ports would be gradually rolled back. However, if talks fail, Washington could reinstate the blockade or resume military action. Earlier on Wednesday, Iran said it would only accept a peace deal if it was “fair,” after Trump paused a three-day naval mission aimed at reopening the Strait of Hormuz, which had disrupted a fragile, month-old ceasefire. A US delegation led by Vice President JD Vance, along with Kushner and Witkoff, held talks with Iranian officials in Islamabad on April 11–12, but the 21-hour negotiations ended without a breakthrough. Trump had earlier announced a 15-day ceasefire on April 7, which he later extended indefinitely just hours before it was due to expire on April 22.
