US media: US and Iran close to reaching agreement on memorandum of understanding to end war

According to an Axios report, citing two U.S. officials and sources, the White House 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 subsequent, more detailed nuclear negotiations. The U.S. expects to receive Iran's response on several key issues within the next 48 hours. Sources indicate this is the closest the two sides have come to an agreement since the outbreak of the war. Under the terms of the deal, Iran would commit to suspending uranium enrichment activities, while the U.S. would agree to lift sanctions on Iran and release billions of dollars in frozen Iranian assets. Both sides would also remove restrictions on transit through the Strait of Hormuz. This 14-clause, single-page memorandum of understanding is being jointly negotiated by Trump envoys Witkoff and Kushner with multiple Iranian officials through both direct contact and mediation. According to the current draft, the memorandum would declare an end to the regional war and initiate a 30-day negotiation period to finalize a detailed agreement encompassing the opening of the strait, restrictions on Iran's nuclear program, and the lifting of U.S. sanctions. These negotiations could be held in Islamabad or Geneva. A U.S. official stated that during this 30-day period, Iran's restrictions on shipping through the strait and the U.S. naval blockade would be gradually lifted. If negotiations collapse, the U.S. military would be able to reinstate the blockade or resume military action.