The US expects Iranian responses on several key ​points in the next 48 hours, according to the report, which cautioned ⁠that nothing has been agreed yet but said this was the closest the parties ​had been to an agreement since the war began.

Among other provisions, 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, ​Axios said.

The one-page, 14-point memorandum of understanding is being negotiated between US envoys Steve ​Witkoff and Jared Kushner and several Iranian officials, both directly and through mediators, the report said.

In its ‌current ⁠form, the memorandum would declare an end to the war in the region and the start of 30 days of negotiations on a detailed agreement to open the strait, limit Iran’s nuclear programme and lift US sanctions, Axios added.

Iran’s restrictions on shipping through ​the strait and the ​US naval blockade ⁠would be gradually lifted during those 30 days, Axios said, citing one US official who added that if the negotiations collapse, US ​forces would be able to restore the blockade or resume military ​action.

Iran said ⁠earlier on Wednesday it would accept a peace deal only if it was “fair”, after US President Donald Trump paused a three-day-old naval mission tasked with reopening the Strait of Hormuz that had ⁠shaken the ​war’s month-old ceasefire.

Reuters could not immediately verify the ​report.

The US State Department and White House did not immediately respond to a request for comment.

US stock index ​futures extended gains following the Axios report.