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.

Foreign Ministry spokesman Esmaeil Baqaei said Tehran had conveyed its concerns to the United States and that diplomatic contacts were continuing, although he declined to provide details of the latest exchanges.

Washington and Tehran have traded proposals since fighting began on Feb. 28, with only one direct round of talks held so far under a fragile ceasefire that has been in effect since April 8.

“As we announced yesterday, our concerns were conveyed to the American side,” Baqaei told reporters during a weekly press briefing, adding that negotiations were proceeding “through the Pakistani mediator.”

Baqaei reiterated Iran’s core demands, including the release of Iranian assets frozen overseas and the removal of longstanding US sanctions, saying Tehran’s negotiating team had consistently defended those conditions.

He also insisted that Iran’s request for war reparations remained justified, describing the conflict as “illegal and baseless.”

Iranian state-linked media reports suggested the latest US proposal sought major concessions from Tehran in exchange for limited relief measures.

According to Fars News Agency, Washington presented a five-point framework that included restricting Iran to a single operational nuclear facility and transferring its stockpile of highly enriched uranium to the United States.

The report said the United States had rejected demands to release a substantial share of Iran’s frozen assets and refused compensation for wartime damage. It also said Washington conditioned a full cessation of hostilities on Tehran entering formal peace negotiations.

Separately, Mehr News Agency criticized the US position as seeking concessions unattainable during the conflict itself, warning the demands risked deadlocking negotiations.

Iran’s earlier proposal, submitted last week, called for a complete halt to military operations across the region, including Israeli operations in Lebanon, and demanded an end to a US naval blockade imposed on Iranian ports since April 13.

Tehran also insisted it would maintain control over the Strait of Hormuz, a critical global energy shipping route that Iran has largely restricted since the outbreak of the conflict.

Baqaei said Iran remained prepared for any renewed military escalation if diplomacy failed.