The proposed memorandum would mark the most significant diplomatic breakthrough since the conflict began, although both sides would still need to negotiate a broader long-term agreement addressing Washington’s nuclear demands.
According to the report, US and Iranian negotiators largely finalised the terms by Tuesday, with Iranian officials later informing mediators that they had secured the necessary approvals to proceed. However, Trump reportedly asked for additional time before signing off on the arrangement.
“The president relayed to the mediators that he wants a couple of days to think about it,” a US official told Axios.
Under the proposed framework, commercial shipping through the Strait of Hormuz would become unrestricted, with Iran expected to remove all naval mines from the waterway within 30 days. The report added that the ongoing US naval blockade would also be lifted gradually alongside the restoration of shipping activity.
The memorandum would also reportedly include an Iranian commitment not to pursue nuclear weapons. Initial negotiations during the 60-day period are expected to focus on Iran’s stockpile of highly enriched uranium and future uranium enrichment activities.
In return, the United States would agree to discuss sanctions relief, the release of frozen Iranian funds and mechanisms to facilitate humanitarian aid and goods entering Iran.
The development comes amid heightened tensions in the region and follows earlier conflicting reports over a possible US-Iran peace framework. The White House had earlier dismissed reports carried by Iranian state media regarding a separate draft memorandum, calling them “a complete fabrication.”
Oil markets reacted positively to the latest signs of diplomatic progress, with crude prices easing on expectations that shipping disruptions in the Strait of Hormuz could ease if a deal is finalised.
(Edited by : Prashant)
First Published: May 28, 2026 8:04 PM IST
