MUSCAT : According to the report published on Wednesday, the proposed agreement is centered around a one-page, 14-point memorandum of understanding currently being negotiated between U.S. envoys Steve Witkoff and Jared Kushner and Iranian officials, both directly and through mediators.

Sources told Axios that the White House expects Iran to respond to several key points within the next 48 hours, though officials cautioned that no final agreement has yet been reached. However, the report noted that this is the closest both sides have come to a deal since the war began.

The draft memorandum reportedly outlines an immediate end to the war in the region, followed by a 30-day negotiation period focused on reopening the Strait of Hormuz, limiting Iran’s nuclear programme, and easing U.S. sanctions.

Under the proposed framework, Iran would commit to a moratorium on nuclear enrichment, while the United States would agree to lift sanctions and release billions of dollars in frozen Iranian funds. Both sides are also expected to gradually ease restrictions linked to transit through the Strait of Hormuz.

Axios reported that Iran’s shipping restrictions in the strategic waterway, along with the U.S. naval blockade, would be lifted in phases during the 30-day negotiation window. One U.S. official reportedly stated that if talks collapse, Washington would retain the option to restore the blockade or resume military action.

Earlier on Wednesday, Iran stated it would only accept a peace agreement that it considers “fair.” The statement came after U.S. President Donald Trump paused a three-day-old naval mission aimed at reopening the Strait of Hormuz, a move that had unsettled the fragile month-old ceasefire in the region.

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