US, Iran nearing one-page war-ending agreement, response expected within 48 hours

The United States and Iran are closing in on a one-page memo to end their war, a Pakistani source involved in the peace efforts told Reuters on Wednesday, confirming an Axios report citing two US officials.

"We will close this very soon. We are getting close," the source said, with Pakistan’s Foreign Minister adding that the country is working to ensure the agreement would lead to a "permanent end" to the conflict.

According to Axios, the US expects a response from Iran within 48 hours regarding the key points of a one-page, 14-point memorandum of understanding. An Iranian Foreign Ministry spokesperson told CNBC later on Wednesday that the proposal was being "evaluated."

The one-page document would reportedly require an end to hostilities and the start of a 30-day negotiation period.

Key points include both countries lifting their respective blockades on the Strait of Hormuz, according to Axios. The lifting of the blockades would come in exchange for a US removal of sanctions and an Iranian commitment to a 15-year moratorium on uranium enrichment.

Iran would additionally agree to transfer its stockpile of highly enriched uranium outside of its borders, potentially to the US.

The document is the closest the two countries have come to an agreement since the war began on February 28, Axios reported, emphasizing that no agreement has been finalized yet.

Agreement contingent on future negotiations

The report also noted that several key terms in the potential agreement remain contingent on a future final comprehensive agreement.

Negotiations on the matter between US and Iranian officials are currently being conducted both directly and indirectly, with Steve Whitkoff and Jared Kushner representing the American team.

Axios cited a US official saying that further negotiations may take place in either Islamabad, Pakistan, or Geneva, Switzerland.

US Secretary of State Marco Rubio said on Tuesday that the negotiations with Iran are "highly complex and technical."

"We have to have a diplomatic solution that is very clear on the topics they are willing to negotiate on and the extent of the concessions they are willing to make at the front end in order to make it worthwhile," said Rubio, adding that some of Iran’s top leaders are "insane."

--Agencies