The United States and Iran are close to finalising a one-page memorandum of understanding aimed at ending the war between the two countries and creating a framework for future nuclear negotiations, Axios reported on Wednesday, citing US officials and sources familiar with the talks.
The proposed 14-point agreement would see Iran commit to a temporary halt on nuclear enrichment, while the US would agree to lift sanctions and release billions of dollars in frozen Iranian funds. Both sides would also gradually ease restrictions on transit through the Strait of Hormuz, whose closure since February has disrupted nearly 20 per cent of global seaborne energy trade.
According to the report, negotiations are being led by Trump envoys Steve Witkoff and Jared Kushner alongside Iranian officials through direct and mediated talks. Discussions could shift to Islamabad or Geneva.
The memorandum would formally end hostilities and open a 30-day window for negotiations on a broader agreement covering sanctions relief, Iran’s nuclear programme and shipping access through the Strait of Hormuz. During this period, Iran’s shipping restrictions and the US naval blockade would be eased in stages. If negotiations fail, the US would retain the option to restore the blockade or resume military action.
The biggest unresolved issue is the length of the nuclear enrichment moratorium. Iran has proposed five years, while the US has pushed for 20 years. Sources told Axios the likely compromise could range between 12 and 15 years. After the moratorium, Iran would be allowed to enrich uranium up to 3.67 per cent.
Iran would also pledge not to pursue nuclear weapons, allow snap UN inspections and stop operating underground nuclear facilities. Axios reported that Tehran had agreed in principle to remove its highly enriched uranium stockpile from the country.
Secretary of State Marco Rubio said Tuesday that the situation remained “highly complex and technical,” while warning that divisions within Iran’s leadership could complicate efforts to secure a final agreement.