The US authorities believe they are nearing an agreement with Iran on a one-page memorandum of understanding aimed at ending the ongoing conflict and establishing a framework for more detailed nuclear negotiations, said an Axios report.

Citing two US officials and two additional sources familiar with the discussions, the report said Washington is expecting responses from Tehran on several key points of the 14-point MoU within the next 48 hours. While no agreement has been finalised, sources indicated that the parties are closer to a deal than at any point since the conflict began.

According to the report, the proposed arrangement would include Iran committing to a moratorium on nuclear enrichment, the US lifting sanctions and releasing billions in frozen Iranian funds, and both sides ending restrictions on transit through the Strait of Hormuz.

However, many of the provisions are expected to be contingent on a final agreement, leaving open the possibility of renewed tensions or a prolonged interim period in which hostilities subside without a comprehensive resolution, the report said.

The report added that US officials believe divisions within the Iranian leadership could complicate efforts to reach consensus. Some officials remain cautious about the prospects of even an initial agreement being secured.

At the same time, sources told Axios that Donald Trump’s decision to scale back a recently announced military operation in the Strait of Hormuz and maintain a fragile ceasefire was influenced by progress in the negotiations.

The draft memorandum, described as a 14-point document, is reportedly being negotiated by US envoys Steve Witkoff and Jared Kushner with Iranian officials, both directly and through intermediaries.