US, Iran near draft deal to end war as talks advance: Report

ERBIL, Kurdistan Region - The United States and Iran are nearing an agreement on a one-page memorandum of understanding that could mark an end to their ongoing hostilities and establish a framework for broader nuclear talks, according to Axios, citing US officials and sources familiar with the matter.

The development comes as the US President Donald Trump said on Wednesday if Iran "agrees to give what has been agreed to," the US military campaign against the country will end and the Strait of Hormuz will be open to all, including Iran. 

“If they don’t agree, the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before,” Trump warned in a post on his Truth Social. 

The Axios report said Washington is expecting Iran to respond “on several key points in the next 48 hours,” adding that no final agreement has been reached. However, sources told Axios that this is “the closest” the two sides have come to an understanding since the six-week war began in late February.

Among the central elements being discussed is a potential Iranian commitment to halt uranium enrichment, alongside US commitments to lift sanctions and release billions of dollars in frozen Iranian assets. 

The developments come after months of escalating conflict. The United States and Israel launched a large-scale air campaign against Iran on February 28, striking more than 17,000 sites over six weeks. Iran responded with drone and missile attacks across the Middle East, targeting alleged US and Israeli-linked assets, particularly in Gulf Arab states.

Tensions have also intensified in the Strait of Hormuz, a critical global shipping route carrying roughly a quarter of the world’s seaborne oil trade. Iran has tightened maritime controls, while the United States has imposed naval measures on vessels linked to Iranian ports. 

According to the Axios report, the draft also includes mutual easing of restrictions on maritime traffic through the Strait of Hormuz.

On Wednesday, Iran’s IRGC navy stated that with the end of “aggressors’” threats, “safe, stable passage through SOH will be ensured,” Iran's state media reported. 

The report added that during this 30-day period, “Iran's restrictions on shipping through the strait and the U.S. naval blockade would be gradually lifted,” according to a US official, as cited by Axios. However, the same official noted that “If the negotiations collapse, U.S. forces would be able to restore the blockade or resume military action.”

Another key point under discussion is the fate of Iran’s enriched uranium. Axios cited sources saying “Iran would agree to remove its highly enriched uranium from the country,” with one option being considered to transfer the material to the United States.