The White House believes it is getting ‌close to an agreement with Iran on a one-page memorandum of understanding to end the war and set a framework for more detailed nuclear negotiations, Axios reported on Wednesday, citing two U.S. officials and two ​other sources briefed on the issue.

The U.S. 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, Reuters reported.

Among other provisions, the deal would involve ​Iran committing to a moratorium on nuclear enrichment, the U.S. 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 U.S. 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 a 30-day period of negotiations on a detailed agreement to open the strait, limit Iran’s nuclear programme and lift U.S. sanctions, Axios added.

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

Iran said ⁠earlier on Wednesday it would accept a peace deal only if it was “fair”, after U.S. 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 U.S. State Department and White House did not immediately respond to a request for comment.

U.S. stock index ​futures extended gains following the Axios report.

Iranian Foreign Minister Abbas Araqchi ​met China’s top diplomat in Beijing on Wednesday, underscoring close ties between the two countries shortly before ‌U.S. President Donald Trump is scheduled to travel to meet with Xi Jinping, Reuters reported.

Araqchi’s visit, announced by state news agency Xinhua, is his first trip to China since the U.S.-Israeli war on Iran set off the most severe global oil supply shock in history and undermined the energy security ​of China, the world’s top crude importer.

Earlier this week, U.S. Treasury Secretary Scott Bessent urged China to intensify its ​diplomatic efforts to persuade Iran to open the Strait of Hormuz to international shipping.

Bessent said Trump ⁠and Xi would exchange views on Iran in person during their May 14 to 15 talks in Beijing. But he ​emphasized the two will seek to keep the steady U.S.-China relationship on track following a trade truce in October.

He urged China to “join ​us in this international operation” to open the strait, but did not specify what actions Beijing should take. He added that China and Russia should stop blocking initiatives at the United Nations, including a resolution encouraging steps to protect commercial shipping in the strait.

Earlier this week, the ​U.S. and Iran launched new attacks in the Gulf as they wrestled for control over the strait with duelling maritime blockades, threatening ​what was already a fragile truce.

Trump later said the U.S. Navy would help ships pass through the strait. But that operation was paused ‌after Trump ⁠on Tuesday said there had been “great progress” made toward a comprehensive agreement with Iran.

There was no immediate reaction from Tehran, read the report.

The Iranian foreign minister on Monday said the attacks, taking place after he said Tehran was looking into Trump’s request for negotiations, showed there was no military solution to the crisis.

China has engaged in a flurry of diplomatic activity and refrained from forceful criticism of the ​U.S.’ conduct of the war ​so that the summit, ⁠already postponed once by the conflict, can go smoothly, analysts have told Reuters.

China has repeatedly urged the U.S. and Iran to maintain the ceasefire and lift the restrictions in the strait. Trump has ​also credited Beijing with helping to get Iran to attend last month’s peace talks in ​Pakistan.

Last week, China ⁠escalated its opposition to U.S. sanctions against Chinese oil refineries over purchases of Iranian crude. Its Ministry of Commerce ordered companies not to comply with U.S. sanctions against five independent refiners, including the recently designated Hengli Petrochemical, invoking for the first time a law that ⁠allows ​Beijing to retaliate against entities enforcing sanctions that it deems unlawful, Reuters reported.

China buys more ​than 80% of Iran’s shipped oil, data for 2025 from analytics firm Kpler showed. Iranian oil has had limited buyers due to U.S. sanctions that are aimed ​at cutting off funding to Tehran’s nuclear programme.

US President Donald Trump has announced that the United States will begin an operation to help vessels trapped in the Strait of Hormuz, as tensions linked to the ongoing conflict with Iran continue to disrupt global shipping.

In a statement posted on Truth Social, Trump said Washington would work to guide ships safely out of restricted waters, where hundreds of vessels and thousands of crew members have been unable to pass for weeks. Many are reportedly running low on essential supplies.

The move comes amid escalating security concerns in the region. A tanker recently reported being struck by unidentified projectiles while transiting the strait, according to the United Kingdom Maritime Trade Operations. All crew were said to be safe, though details of the incident remain limited.

The U.S. military’s United States Central Command (CENTCOM) said it would support the effort with a significant deployment of personnel, aircraft, warships and drones. Officials described the mission as critical to protecting both regional stability and the global economy, while maintaining pressure on Iran through an ongoing naval blockade.

The Strait of Hormuz, a vital artery for global energy supplies, has seen severe disruption over the past two months. Iran has effectively restricted most shipping traffic, except for its own vessels, in response to the broader conflict. Several ships have reportedly come under fire or been seized, while the U.S. has imposed its own countermeasures targeting Iranian-linked shipping.

Washington has been seeking international backing for a broader coalition to secure maritime routes, though it remains unclear which countries will participate in the latest operation or how it will be implemented.

Trump warned that any interference with the mission would be met with forceful action.

Meanwhile, diplomatic efforts remain uncertain. Iranian officials confirmed they are reviewing a U.S. response to a proposed framework for peace talks, which was reportedly conveyed via Pakistan. However, Tehran signaled that nuclear negotiations are currently off the table, suggesting they may only resume once the conflict ends and maritime blockades are lifted.

The standoff has already had global economic repercussions, with oil prices rising sharply amid fears over supply disruptions. The waterway is responsible for transporting roughly a fifth of the world’s oil and gas, making its stability a key concern for international markets.

Despite a pause in direct military strikes in recent weeks, attempts to restart formal negotiations between Washington and Tehran have yet to gain traction, leaving both the security situation and diplomatic outlook uncertain.