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.

The ministry said it summoned US Deputy Chief of Mission Jason Meeks to lodge “a strong protest” over what it called continuing attacks by US naval forces on commercial vessels carrying Indian mariners.The attacks had resulted in the “tragic and avoidable loss of three Indian lives,” the ministry said in a statement.

Meeks was first summoned on Wednesday after a US strike hit the Palau-flagged tanker MT Settebello off the coast of Oman, killing three Indian crew members.The incident followed a June 8 strike on another Palau-flagged tanker, MT Marivex, from which Omani authorities rescued 24 Indian sailors.

On Thursday, a Guinea-Bissau-flagged tanker was also hit in a US strike, according to Indian officials. New Delhi said the vessel’s crew, including 20 Indian sailors, were rescued.A US State Department official said Washington was in direct contact with the Indian government regarding the matter.

India is among the world’s largest sources of merchant seafarers, with more than 320,000 active sailors in 2025, according to the country’s shipping ministry.The shipping ministry has advised Indian sailors operating on Indian and foreign-flagged vessels travelling through conflict-affected waters to exercise the highest degree of caution.

“The continuing attacks on shipping in the region are deeply worrisome,” Indian foreign ministry spokesman Randhir Jaiswal said, adding that such attacks must stop.India’s navy said on Thursday it had conducted a high-risk operation to remove an unexploded missile warhead from the Marshall Islands-flagged tanker MT Olympic Life after it was struck off Oman on May 26.The vessel later reached India’s southern port of Kochi safely.

The navy said the projectile had entered the hull, passed through several structural compartments and became lodged inside a fuel tank.Shipping routes through the Strait of Hormuz have faced disruption since Iran restricted maritime traffic after attacks by the United States and Israel began on February 28. The United States has also imposed a naval blockade on Iranian ports.

In a joint statement issued during a ministerial meeting hosted by France, the group said it had emphasized the need to minimize harm to civilian populations, regional partners and essential infrastructure amid intensifying hostilities.

The statement reflected mounting concern among major economies over the humanitarian and systemic risks posed by the conflict.

The ministers underscored that safeguarding non-combatants and public infrastructure remains a priority under international norms, as recent strikes have reportedly affected energy facilities and other civilian-linked assets in the region. They stressed coordination among allies and partners to contain spillover effects.

The G7 highlighted potential disruptions to global supply chains, including energy, fertilizer and broader commercial flows, noting that such shocks could have direct consequences for domestic economies and consumers.

The ministers said efforts were underway to mitigate these risks through coordinated policy responses and international norms.

The statement also reiterated the importance of restoring safe and toll-free maritime navigation through the Strait of Hormuz, a critical chokepoint for global oil shipments.

Any prolonged disruption in the corridor could exacerbate volatility in energy markets and strain international trade routes.

The G7 comprises the United States, United Kingdom, Canada, France, Germany, Italy and Japan, along with the European Union.