The US and Iran are getting close to signing a one-page memorandum of understanding (MOU) to end the war and setting a framework for more detailed nuclear negotiations, the Axios news site reported Wednesday, citing sources.
The US expects Iran to respond on key issues within 48 hours, the report said, noting that while nothing has been agreed to yet, this is the closest the parties had been to an agreement since the war began.
The proposed agreement would have Iran pause nuclear enrichment while the US lifts sanctions, releases frozen funds and both sides ease transit limits in the Strait of Hormuz. Many terms depend on a final deal, leaving the risk of renewed conflict or a prolonged unresolved ceasefire.
The report said that US President Donald Trump pulled back from a new Strait of Hormuz operation to preserve the fragile ceasefire due to progress in talks.
A 14-point MOU is being negotiated by US envoys Steve Witkoff and Jared Kushner with Iranian officials directly and via mediators.
The draft MOU would end the war and begin a 30-day negotiation period on reopening the strait, limiting Iran's nuclear program and lifting sanctions, possibly in Islamabad or Geneva. During this time, both Iran's shipping restrictions and the US naval blockade would be gradually eased.
If talks fail, the US could reinstate the blockade or resume military action, the report said.
The enrichment moratorium remains under negotiation, with estimates ranging from at least 12 to 15 years; Iran proposed five years, while the US pushed for 20.
