The US and Iran are closing in on a one-page memo to end their war, a Pakistani source involved in the peace efforts told Reuters on Wednesday, confirming an Axios report.

“We will close this very soon. We are getting close,” the source said.

What is the one-page memo between the US and Iran?

The one-page memo is a memorandum of understanding that would set a framework for more detailed nuclear negotiations. Under the proposed terms, Iran would commit to a moratorium on nuclear enrichment.

In return, the US would release billions of dollars in frozen Iranian funds. The two sides have not yet reached a final agreement.

How close are the US and Iran to reaching a deal?

Washington believes it is close to a deal, with Tehran’s response on key points expected within 48 hours, Axios reported Wednesday, citing two US officials. The report described this as the closest the two parties have come to a resolution since the conflict began in late February. A Pakistani source involved in the talks confirmed that account to Reuters.

What steps has the US taken to signal a deal is close?

President Trump announced Tuesday that the US would temporarily pause naval escorts for commercial ships in the Strait of Hormuz, citing progress toward a potential agreement. He described the pause as a short-term measure to allow space for negotiations, while confirming that a US blockade of Iranian ports would remain in place.

Secretary of State Marco Rubio separately said Washington had completed its offensive operations against Iran, while warning of a strong response to any further threats to shipping.

The naval escort operation, dubbed “Project Freedom” by Trump, had drawn Iranian warnings asserting control over the strait and cautioning vessels against deviating from approved routes. Rubio accused Iran of threatening global trade and said Washington and its allies are pursuing a UN Security Council resolution on maritime security.

What role is China playing in the Iran war negotiations?

China’s Foreign Minister Wang Yi called Wednesday for an immediate and complete cessation of hostilities, urging all sides to avoid renewed escalation and reopen the Strait of Hormuz as soon as possible.

The remarks came after talks in Beijing with Iran’s Foreign Minister Abbas Araghchi, who said fighting must stop “without delay.” Wang added that continued negotiation remains essential.

Araghchi’s visit to Beijing underscores China’s ongoing engagement in the crisis. Beijing is a major buyer of Iranian oil and has maintained close ties with Tehran despite US sanctions. The visit also comes ahead of Trump’s planned trip to China on May 14-15 for talks with President Xi Jinping, adding diplomatic weight to the timing.

What is Iran’s position on a deal?

Iranian President Masoud Pezeshkian has said Tehran remains open to dialogue but rejects US maximum pressure demands. A fragile ceasefire took effect on April 8, though tensions have persisted, with Iran launching missiles and drones at US forces and Washington striking Iranian vessels it accused of threatening commercial shipping.

Pentagon chief Pete Hegseth said the US is “not looking for a fight,” but warned any escalation would draw a strong response.

Israel has also signaled readiness to act if required. The conflict continues to weigh on global markets, with oil prices extending losses on Wednesday amid uncertainty over the region’s stability.