The White House believes it is nearing an agreement with Iran on a one-page memorandum of understanding aimed at ending the war and establishing a framework for more detailed nuclear negotiations, according to two U.S. officials and two additional sources familiar with the matter, News.Az reports, citing Axios.

Washington is expecting Tehran’s response on several key issues within the next 48 hours. While no agreement has been finalized, sources say the two sides are closer to a deal than at any point since the conflict began.

Under the proposed arrangement, Iran would commit to a moratorium on nuclear enrichment, while the U.S. would agree to lift sanctions and release billions of dollars in frozen Iranian assets. Both sides would also ease restrictions affecting transit through the Strait of Hormuz.

However, many of the provisions outlined in the memorandum would depend on reaching a final agreement, leaving open the possibility of renewed hostilities or a prolonged period of uncertainty in which active fighting ceases but underlying issues remain unresolved.

U.S. officials believe divisions within Iran’s leadership could complicate efforts to reach consensus among various factions. Some in Washington remain doubtful that even a preliminary agreement will ultimately be achieved.

Although U.S. officials have expressed optimism during previous rounds of negotiations and throughout the current conflict, no deal has yet materialized. Still, two officials said President Donald Trump decided to scale back a newly announced operation in the Strait of Hormuz to avoid undermining a fragile ceasefire, citing progress in the talks.

The proposed 14-point memorandum is being negotiated by Trump’s envoys Steve Witkoff and Jared Kushner, alongside Iranian officials through both direct contacts and intermediaries.

In its current draft, the agreement would declare an end to the conflict and initiate a 30-day negotiation period for a more comprehensive deal addressing the reopening of the strait, limitations on Iran’s nuclear program and the lifting of U.S. sanctions. According to sources, these follow-up talks could take place in Islamabad or Geneva.

During this 30-day window, Iran’s restrictions on maritime traffic through the strait and the U.S. naval blockade would be gradually eased. A U.S. official noted that if negotiations break down, American forces would retain the option to reinstate the blockade or resume military action.

The length of the proposed moratorium on uranium enrichment remains a key sticking point. Three sources indicated it could last at least 12 years, while another suggested 15 years as a likely compromise. Iran has proposed a five-year pause, whereas the U.S. has pushed for a 20-year period.

Washington is also seeking to include a clause that would extend the moratorium if Iran violates enrichment limits. Once the restriction expires, Iran would be permitted to enrich uranium to a low level of 3.67%.

As part of the memorandum, Iran would pledge not to pursue nuclear weapons or engage in weaponization-related activities. Discussions are also ongoing on a provision that would prohibit Iran from operating underground nuclear facilities.

In addition, Iran would accept an enhanced inspection regime, including snap inspections by United Nations monitors. In return, the U.S. would commit to gradually lifting sanctions and releasing billions of dollars in Iranian funds currently frozen around the world.