DRAMATIC REPORT: The U.S. and Iran are closing in on a one-page memorandum to end the war and create a framework for detailed nuclear negotiations, Axios reports, though nothing has been agreed upon yet.
• The proposed memo would include Iran committing to a moratorium on nuclear enrichment, while the U.S. would lift sanctions, release billions in frozen Iranian funds, and both sides would remove restrictions around the Strait of Hormuz.
• The U.S. expects Iranian responses on several key points within 48 hours, while officials remain cautious about whether even an initial deal can ultimately be reached.
• Under the current proposal, the war would end, a 30-day negotiation period would begin, shipping restrictions through Hormuz would be gradually lifted, and U.S. forces could restore the blockade or resume military action if talks collapse.
