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deal,” Trump told reporters in the Oval Office.

A Pakistani source and another source briefed on the mediation confirmed information initially reported by the US media outlet Axios about a proposed 14-point, one-page memorandum that would formally end the war.

Axios, citing two US officials and two other sources briefed on the issue, reported that the MOU is being negotiated between Trump’s envoys, Steve Witkoff and Jared Kushner, and several Iranian officials, both directly and through mediators.

The draft would see Iran commit to a moratorium on nuclear enrichment, while the US would gradually lift sanctions, release billions in frozen Iranian funds, and both sides would ease restrictions on transit through the Strait of Hormuz.

In its current form, the MOU declares an end to the war and begins a 30-day negotiating period toward a detailed agreement covering the reopening of the strait, limits on Iran’s nuclear programme, and sanctions relief. Talks could take place in Islamabad or Geneva, two sources said.

During this period, Iran’s restrictions on shipping and the US naval blockade would be gradually lifted, according to a US official.

The duration of the enrichment moratorium remains under negotiation. Three sources said it would last at least 12 years, with one citing 15 years as a likely compromise. Iran has proposed five years; the US has demanded 20. Iran would be allowed to enrich uranium to 3.67% after the moratorium ends.

Under the MOU, Iran would pledge never to seek nuclear weapons or pursue weaponisation activities, potentially including a ban on operating underground facilities, alongside enhanced inspections with snap UN checks.

The US would gradually lift sanctions and release frozen funds. Iran may also remove its highly enriched uranium, possibly transferring it to the US, sources said.

US officials expect Iran’s response within 48 hours.

While nothing is final, sources said this is the closest the sides have come to a deal, though many terms remain contingent on a final agreement, leaving risks of renewed conflict or prolonged uncertainty.

“We will close this very soon. We are getting close,” said the source from Pakistan.

Reports of the possible agreement caused global oil prices to plunge, with benchmark Brent crude futures falling around 11percent to around $98 a barrel LCOc1. Global share prices also leapt and bond yields fell on optimism of an end to a war that has disrupted energy supplies.

In his morning post, Trump said: “Assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption, the already legendary Epic Fury will be at an end, and the highly effective Blockade will allow the Hormuz Strait to be OPEN TO ALL, including Iran.”

“If they don’t agree, the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before,” Trump added.

While the sources said the memorandum would not initially require concessions from either side, they did not mention several key demands Washington has made in the past, which Iran has rejected, such as curbs on Iran’s missile programme and an end to its support for proxy militias in the Middle East.

In a post on X, Iranian lawmaker Ebrahim Rezaei, a spokesperson for parliament’s powerful foreign policy and national security committee, described the text reported by Axios as “more of an American wish list than a reality”.

“The Americans will not gain anything in a war they are losing that they have not gained in face-to-face negotiations,” he wrote.

Iran’s Foreign Minister Abbas Aragchi, visiting China, made no mention of Trump’s latest remarks, but said Tehran was holding out for “a fair and comprehensive agreement”.

After talks with Aragchi, his Chinese counterpart Wang Yi called for an end to hostilities and for both countries to reopen the Strait of Hormuz “as soon as possible”.

China “will work harder to ease tensions and end the fighting, continue to support the launch of peace talks, and play a greater role in restoring peace and tranquility to the Middle East”, said Wang.

Trump’s conciliatory tone came hours after US Secretary of State Marco Rubio said the US had completed its offensive operations against Iran.