According to the report, the draft agreement also calls for the immediate reopening of the Strait of Hormuz without tolls and links sanctions relief for Iran to compliance with the terms of the deal. It also outlines a framework for Iran’s enriched uranium stockpile, while leaving detailed nuclear commitments for a later comprehensive agreement.

The memorandum is said to have been mediated by Qatar and Pakistan, and would be referred to as the “Islamabad agreement” if finalized, according to Axios.
Axios, citing a diplomat from one of the mediating countries and a US official, reported that both sides had broadly agreed on the text, although final approval was still pending.

The sources said Iranian leadership had given preliminary approval, though questions remained over final endorsement at the highest level.

US President Donald Trump was quoted as saying that he had halted planned military strikes after progress in negotiations and suggested that an agreement could be signed within days. However, Iranian officials told state media that no final conclusion had been reached, and said changes in US positions and new demands had delayed finalization of the text.

The draft reportedly includes provisions for a 60-day ceasefire window during which broader nuclear talks would continue, alongside mechanisms for managing Iran’s nuclear material under international supervision. It also includes financial provisions, with Iran seeking immediate disbursement of funds upon signing, while US officials reportedly favor phased release based on compliance.

Axios reported that the White House has repeatedly believed a deal was imminent over the past two months, but negotiations have previously stalled due to unresolved issues between the two sides.