The US and Iran are nearing a one-page agreement to end the war and are closer to an agreement than they have been since the war began late in February, Axios reported, quoting two US officials and two other sources briefed on the matter.
The agreement would set the stage for more detailed nuclear negotiations, the site added.
According to Axios, the US expects Iran to deliver responses on several key issues within the next 48 hours.
A Pakistani source confirmed to Reuters that the US and Iran are nearing an agreement on a one-page memorandum to end the war.
The deal, Axios said, reportedly involves a mutual lifting of restrictions around transit in the Strait of Hormuz, the US lifting sanctions and releasing frozen Iranian funds, and Iran agreeing to a "moratorium" on nuclear enrichment. Some of the sections would be contingent on a final agreement being reached.
However, the site noted that the White House believes that Iran's leadership may be too divided to reach an agreement on a deal. The one-page memorandum, if signed, would end the war and kick off a month-long negotiation period for a more detailed agreement.
Axios' report quoted two sources who said that Iran would agree to the removal of the country's highly-enriched uranium, while one source said it may be removed to the US. Previously, such reports were disparaged by Iran, which refused to allow the uranium, necessary only for a nuclear weapon, to be removed from its territory.
On Tuesday, US Secretary of State Marco Rubio announced that the Operation Epic Fury phase of the Iran conflict is over.
Speaking to reporters at the White House, Rubio explained that Iran’s ability "to build a shield behind which they could hide their nuclear program was wiped out. That is a very substantial achievement and that was the purpose of this operation from day one."
He then stressed, "The operation is over. Epic Fury, the president notified Congress, we’re done with that stage of it. We are now onto this project of freedom."
"As far as a negotiation is concerned, I think the president has been clear that part of the negotiation process has to be, not just enrichment but what happens to this material that is very deep somewhere that they still have access to it they ever wanted to dig it out. That has to be addressed and that is being addressed in the negotiation," Rubio stated.
However, shortly afterwards, US President Donald Trump announced that "Project Freedom" in the Strait of Hormuz would be temporarily paused to allow for efforts to reach a deal with Iran.
"Based on the request of Pakistan and other Countries, the tremendous Military Success that we have had during the Campaign against the Country of Iran and, additionally, the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran, we have mutually agreed that, while the Blockade will remain in full force and effect, Project Freedom (The Movement of Ships through the Strait of Hormuz) will be paused for a short period of time to see whether or not the Agreement can be finalized and signed," he wrote in a post on his Truth Social platform.
The Iranian news agencies Tasnim and Fars responded to Trump's announcement and claimed that the US President "caved following the threats of the Islamic Republic."