U.S. officials report they are close to finalizing a one-page memorandum of understanding with Iran intended to end the recent hostilities and set the terms for more extensive nuclear negotiations. The draft document, structured as 14 points on a single page, is described by U.S. sources and other individuals briefed on the discussions as outlining commitments on nuclear restraint, sanctions relief and measures affecting passage through the Strait of Hormuz.
Sources familiar with the talks said Washington expects responses from Iranian counterparts on several key provisions within the next 48 hours. The officials caution that, despite the progress, nothing has been formally agreed and the parties remain in negotiations. They also described this as the closest the two sides have been to reaching a compact since the conflict began.
According to the officials and sources, central elements of the draft memorandum include a commitment by Iran to impose a moratorium on nuclear enrichment. In exchange, the United States would agree to lift a set of sanctions and to release billions of dollars in Iranian funds that are currently frozen. The draft also envisions mutual steps to ease restrictions affecting commercial transit through the Strait of Hormuz.
The memorandum being negotiated is reported to be one page long with 14 specific points. U.S. envoys Steve Witkoff and Jared Kushner are engaged in negotiations with several Iranian officials, conducting talks directly and with the assistance of mediators. In its current form, the draft would formally declare an end to the war in the region and commence a 30-day period during which negotiators would draft a more detailed agreement.
During that 30-day negotiation window, negotiators would pursue a comprehensive pact to reopen the Strait of Hormuz to commercial shipping, impose limits on Iran's nuclear programme and arrange the lifting of U.S. sanctions. The draft also calls for a gradual lifting of Iran's restrictions on shipping and a phased reduction in the U.S. naval blockade that has affected transit through the strait.
One U.S. official emphasized that the easing of restrictions would be conditional and staged over the 30-day period and added that, if negotiations were to collapse, U.S. forces would retain the capacity to reimpose the naval blockade or resume military operations.
Iran has publicly said it would accept a peace agreement only if the terms were "fair." That statement came after U.S. President Donald Trump paused a three-day-old naval mission that had been charged with reopening the Strait of Hormuz and which had disrupted a month-old ceasefire in the region.
The report of the nearing memorandum has not been independently verified. The U.S. State Department and the White House did not immediately respond to requests for comment. Financial markets reacted to the account, with U.S. stock index futures extending gains following publication of the report.
Context and implications
While the draft memorandum is brief in form, the issues it addresses are substantive and cross multiple policy arenas. If implemented, the agreement would touch on nuclear non-proliferation commitments, the release of frozen funds and the security of a strategic maritime chokepoint. Each of these elements has direct implications for energy markets, international shipping and sanctions-dependent financial flows.