According to the sources, no final decision has been made, but the sides expect Iran to respond to key issues within the next 48 hours. Sources told Axios that “the parties are now closer to an agreement than at any point since the war began.”
The proposed document would include Iran’s commitment to a moratorium on uranium enrichment, the gradual lifting of U.S. sanctions, the unfreezing of Iranian assets and the removal by both sides of restrictions on transit through the Strait of Hormuz.
Axios noted that many provisions of the memorandum would depend on a final agreement, meaning there remains a risk either of renewed hostilities or prolonged uncertainty in which the active phase of the conflict has ended but nothing has truly been resolved.
The one-page, 14-point memorandum of understanding is currently being negotiated between envoys of U.S. President Donald Trump — Steve Witkoff and Jared Kushner — and several Iranian officials, both directly and through intermediaries, the outlet reported.
The current version of the document envisions declaring the war over and launching a 30-day negotiation period for a detailed agreement covering the reopening of the Strait of Hormuz, limits on Iran’s nuclear program and the lifting of U.S. sanctions.
According to sources, the talks could take place in Islamabad or Geneva. A U.S. official said that during the 30-day negotiation period, Iran’s restrictions on shipping through the strait and the U.S. naval blockade would gradually be eased.
If negotiations fail, U.S. forces could reinstate the blockade or resume military action, the official said.
Axios said the duration of the uranium enrichment moratorium remains under active discussion. Three sources said a likely compromise would be at least 12 years, while another source said 15 years was possible. Iran has proposed a temporary five-year halt to enrichment, while the United States has pushed for about 20 years.
The U.S. also wants to include a clause under which any Iranian violation of the enrichment terms would automatically extend the moratorium. After it expires, Iran would only be allowed to enrich uranium to a low level of about 3.67%, Axios reported.
Under the memorandum, Iran would commit never to pursue nuclear weapons or engage in related activities, the outlet said. A U.S. official added that discussions also include a provision under which Iran would agree not to use underground nuclear facilities.
Iran would also have to accept a strengthened international inspection regime, including surprise inspections by U.N. inspectors, the official said. In return, the United States would gradually ease sanctions and progressively release billions of dollars in Iranian assets frozen around the world.
Two sources told Axios that Iran may agree to remove highly enriched uranium from its territory. One source added that transferring the material to the United States is also under discussion.
On May 5, U.S. Secretary of State Marco Rubio said the military operation against Iran had ended and the United States had achieved its objectives. Issues related to Iran’s nuclear program, including its stockpile of enriched uranium, would be addressed through further negotiations, he said.
On May 1, The Wall Street Journal reported that Iran had softened its position on talks with the United States and was no longer demanding the lifting of the blockade as a precondition for dialogue. Instead, Tehran proposed discussing the reopening of the Strait of Hormuz, security guarantees and its nuclear program simultaneously.
Also on May 1, the day the deadline expired for the president to conduct military operations without congressional approval, the Trump administration said hostilities against Iran had “ceased.”
Under the 1973 War Powers Resolution, the U.S. president may wage war for only 60 days before seeking congressional authorization or requesting a 30-day extension because of the “unavoidable necessity” of troop withdrawal.
Under the U.S. Constitution, only Congress can declare war, though the restriction does not apply to short-term operations or responses to an immediate threat.
On May 3, The Associated Press reported that Iran’s latest proposal to the United States envisioned resolving disputes between the countries within 30 days, leading to the end of the war rather than an extended truce.
On April 29, The Wall Street Journal, citing U.S. officials, reported that Trump had instructed aides to prepare for a prolonged U.S. blockade of Iran aimed at draining Tehran’s financial resources and forcing concessions on the nuclear issue.