US, Iran near breakthrough on one-page memo to end war

The United States and Iran are nearing a one-page memorandum of understanding to end the war that began on February 28, Axios and Reuters reported, as US President Donald Trump signaled a de-escalation in the conflict.

Axios, which first reported the development, said the US expects Iranian responses on several key points within the next 48 hours, adding that while no agreement has been finalized, sources described the talks as the closest the two sides have come since hostilities began.

The proposed memo would include Iran committing to a moratorium on nuclear enrichment, while the United States would agree to lift sanctions, release billions of dollars in frozen Iranian funds and ease restrictions on transit through the Strait of Hormuz, it said.

Oil prices plunged on the report, which raised the prospect of an end to the weeks-long war, with Brent crude falling as much as 12% to below $98 a barrel.

The news website said many of the provisions would be contingent on a final agreement, leaving open the possibility of renewed conflict or a temporary pause without a lasting resolution.

However, US officials believe divisions within Iran's leadership could complicate efforts to reach consensus, with some officials remaining skeptical that even an initial deal will be secured, according to the report.

It said Trump's decision to scale back a newly announced operation to guide ships out of the Strait of Hormuz, which has been largely closed by Iran since the war began, and avoid undermining a fragile ceasefire was based on progress in the talks.

In a social media post on Tuesday, Trump said the operation, dubbed "Project Freedom," will be paused for a short period to see whether an agreement between Washington and Tehran can be finalized.

A 30-day period of negotiations

Axios said the 14-point memorandum is being negotiated by Trump envoys Steve Witkoff and Jared Kushner with Iranian officials, both directly and through intermediaries.

It added that the current draft would declare an end to the war and initiate a 30-day period of negotiations on a more detailed agreement covering the reopening of the strait, limits on Iran's nuclear program and the lifting of US sanctions.

Restrictions on shipping through the Strait of Hormuz and the US naval blockade would be gradually lifted during the 30-day period, while US forces could reinstate the blockade or resume military action if negotiations collapse, the report said.

Sources also told Axios that Iran might agree to remove its highly enriched uranium stockpile from the country, a key US demand Tehran has consistently rejected.

In remarks on a visit to China, Iranian Foreign Minister Seyed Abbas Araghchi said on Wednesday that Iran will firmly safeguard its sovereignty and national dignity while pursuing a comprehensive and lasting solution through dialogue.

Reopening the Strait of Hormuz could soon be addressed, he added.

(Cover: Commuters ride past the President House at the Red Zone area in Islamabad, Pakistan, April 26, 2026. /VCG)