US and Iran closing in on one-page memo to end war: report

The United States and Iran are reportedly close to finalizing a one-page memorandum aimed at ending the ongoing conflict, marking the most significant diplomatic breakthrough since the war began.

According to reports, the proposed memorandum of understanding (MOU) consists of around 14 key points and is intended to formally end hostilities while setting a framework for broader nuclear negotiations between the two countries.

Key provisions under discussion reportedly include a temporary halt to Iran’s nuclear enrichment activities, the lifting of US sanctions, and the release of billions of dollars in frozen Iranian funds. The agreement may also involve easing restrictions on shipping through the Strait of Hormuz, a critical global energy route.

Negotiations are being led by US envoys Steve Witkoff and Jared Kushner in coordination with Iranian officials, both directly and through mediators. Officials say Washington is expecting Tehran’s response on several outstanding points within the next 48 hours.

A Pakistani source involved in the talks has also confirmed that both sides are “very close” to finalizing the agreement, signaling that a deal could be reached soon if remaining differences are resolved.

Financial markets have already reacted to the development, with global oil prices falling sharply on expectations of de-escalation and improved energy supply flows.

Analysts caution that despite the progress, deep mistrust and internal divisions—particularly within Iran’s leadership—could still pose challenges to finalizing and implementing the agreement.