The United States believes it is on the verge of finalizing a concise one-page memorandum of understanding with Iran aimed at ending the ongoing conflict and establishing a framework for more detailed nuclear negotiations, according to an Axios report published on Wednesday. The report indicates that Washington anticipates Tehran's response on several critical issues within the next 48 hours, although no definitive agreement has been reached yet.
Key Elements of the Proposed Deal
Axios notes that this represents the closest the two sides have come to ending hostilities since the conflict erupted with joint US-Israeli strikes on the Islamic Republic on February 28. The proposed agreement would reportedly require Iran to commit to a moratorium on nuclear enrichment activities. In exchange, the United States would lift sanctions and release billions of dollars in frozen Iranian funds. Additionally, both sides would ease restrictions on transit through the Strait of Hormuz, a vital waterway that Iran has effectively blockaded despite carrying approximately 20% of the world's crude oil supply.
Negotiation Channels and Draft Details
The 14-point draft is being negotiated by envoys Steve Witkoff and Jared Kushner on behalf of President Donald Trump, utilizing 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. This broader deal would cover the reopening of the Strait of Hormuz, 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 reserves the right to reinstate the blockade or resume military action.
Iran's Stance and Recent Developments
Earlier on Wednesday, Iran stated that it would only accept a peace deal if it was deemed "fair." This statement came 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. However, 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.
