US and Iran Near One-Page Memorandum to End Gulf War as Hormuz Mission Pauses

The United States and Iran are closing in on a one-page memorandum that could end the Gulf war, according to a Pakistani source familiar with the negotiations, as President Donald Trump pauses a three-day-old naval mission aimed at reopening the Strait of Hormuz while awaiting possible finalization of the deal.

The Details

Reuters reported on Tuesday, citing a Pakistani mediator source, that Washington and Tehran were nearing a short memorandum that would establish a 30-day negotiating window for a comprehensive agreement. "We will close this very soon. We are getting close," the source told Reuters.

The proposed document, described by both Reuters and Axios, includes an Iranian moratorium on nuclear enrichment, the release of frozen Iranian funds, United States sanctions relief, and eased transit restrictions through the Strait of Hormuz. Axios separately reported that the White House believes it is close to an agreement and expects Iranian responses on key points within 48 hours, while cautioning that nothing has been finalized. The outlet identified US envoys Steve Witkoff and Jared Kushner as negotiators in the talks.

Trump announced the pause of Project Freedom, the naval mission launched to reopen the Strait of Hormuz, after what he described as "great progress" in the negotiations. In a social media statement, Trump said the blockade would remain in full force while the mission was paused "for a short period of time to see whether or not the Agreement can be finalized and signed."

Iranian Foreign Minister Abbas Araqchi, speaking during a visit to China, said Tehran was holding out for a "fair and comprehensive agreement." His remarks underscored that Iran is continuing to press for broader terms even as the memorandum talks advance.

Context

The current negotiations build on an earlier Iranian proposal that was conveyed to Washington through Pakistan. CNBC reported on May 3 that Iran's 14-point peace proposal sought to defer nuclear negotiations until after the war ended and opposing Gulf shipping blockades were lifted. That proposal was under review at the time.

The memorandum framework now under discussion appears to fold nuclear questions into the initial phase rather than postponing them entirely, with a moratorium on enrichment listed among the proposed terms. Reuters said the 30-day negotiating period that would follow a signed memorandum would address the Strait of Hormuz, Iran's nuclear programme, and US sanctions in parallel.

The Strait of Hormuz has remained a central pressure point throughout the conflict, with naval blockades affecting shipping traffic and regional energy security. The proposed terms would ease transit restrictions through the waterway while keeping broader blockade measures in place during the negotiating window.

What's Next

The White House is awaiting Iranian responses within 48 hours, according to Axios, though officials emphasized that no deal has been finalized. If the memorandum is signed, it would trigger a 30-day period of negotiations aimed at producing a comprehensive agreement.

Trump's pause of Project Freedom is conditioned on the talks advancing, and the mission could resume if negotiations stall. The naval blockade of the Strait of Hormuz is scheduled to remain in full effect during this period, maintaining existing restrictions on Gulf shipping while the diplomatic track proceeds.