US and Iran Reportedly Closing In on One-Page Memo to End War, Axios Says

Tentative breakthrough emerges as Trump cites “very good talks,” but Tehran says US proposal remains under review.

As diplomatic efforts intensify, the United States and Iran are reportedly nearing agreement on a one-page memorandum of understanding aimed at ending the ongoing war and establishing a framework for more detailed nuclear negotiations, according to a Wednesday report by Axios.

Citing two U.S. officials and two other sources briefed on the matter, Axios said the White House believes it is closer than ever to a preliminary deal with Tehran. The U.S. now expects Iranian responses on several key points within the next 48 hours. While cautioning that nothing has been finalized, the report noted that the parties have not been this close to an agreement since the conflict began, Reuters added.

What the one-page memo reportedly includes

The proposed 14-point memorandum is being negotiated between U.S. envoys Steve Witkoff and Jared Kushner and several Iranian officials, both directly and through mediators, Axios reported. Among its core provisions:

• Iran would commit to a moratorium on nuclear enrichment.

• The U.S. would agree to lift sanctions and release billions of dollars in frozen Iranian funds.

• Both sides would ease restrictions on transit through the strategic Strait of Hormuz.

In its current form, the memorandum would formally declare an end to the war in the region and initiate a 30-day period of follow-on negotiations. These talks would aim to finalize a detailed agreement to fully reopen the strait, cap Iran’s nuclear program, and lift U.S. sanctions.

During that 30-day window, Axios said, Iran’s restrictions on shipping and the U.S. naval blockade would be gradually lifted. However, one U.S. official cautioned that if the broader negotiations collapse, American forces would be able to restore the blockade or resume military action.

Mixed signals from Washington and Tehran

Earlier Wednesday, Iran stated it would accept a peace deal only if it is “fair,” following a decision by U.S. President Donald Trump to pause a three-day-old naval mission tasked with reopening the Strait of Hormuz. That mission had previously shaken a month-old ceasefire.

In a post on Truth Social, Trump confirmed that American and Iranian representatives have held “very good talks” and that a potential agreement is “highly likely.” He also said Washington agreed to temporarily pause the U.S. maritime operation  which involved escorting commercial vessels  at Pakistan’s request, allowing time to determine whether a final deal can be completed and signed.

Trump described “major progress” toward a comprehensive deal, while cautioning that success is not guaranteed. He also asserted that the U.S. has achieved “major success” in its ongoing military campaign against Iran, stressing that maritime pressure and restrictions on Iranian ports would continue “with full force and impact.”

Tehran, however, struck a more guarded tone. Iranian officials said the U.S. proposal remains under review and that the country will respond through Pakistani mediators once its internal assessment is complete.

Reaction and market impact

The U.S. State Department and White House did not immediately respond to requests for comment. Reuters could not independently verify the Axios report.

Following the news, U.S. stock index futures extended gains, reflecting cautious optimism among investors over potential de-escalation in the region.

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