US news outlet Axios has reported that Washington and Tehran are close to agreeing on a one-page memorandum of understanding to end the war and “set a framework for more detailed nuclear negotiations”.

The report, citing US officials and sources, says the US expects Iran’s response on several key matters in the next 48 hours.

It further states that the deal “would involve Iran committing to a moratorium on nuclear enrichment, the US agreeing to lift its sanctions and release billions in frozen Iranian funds, and both sides lifting restrictions around transit through the Strait of Hormuz”.

“Many of the terms laid out in the memo would be contingent on a final agreement being reached, leaving the possibility of renewed war or an extended limbo in which the hot war has stopped but nothing is truly resolved,” the report says.