U.S. and Iran Negotiators Draft Memorandum on Nuclear Limits and Hormuz Access

Negotiators have largely settled the text of a memorandum of understanding that would combine nuclear restrictions, economic incentives, and regional de-escalation measures. The proposed framework would require Iran to end disruption of shipping through the Strait of Hormuz. In return, Iran would eventually gain access to frozen assets and phased sanctions relief on oil exports.

The text would also set a timeline for talks on the fate of Iran’s nuclear material and establish financial incentives tied to verified compliance. Iran would make an indefinite commitment not to develop or acquire a nuclear weapon and would begin dismantling parts of its program, including on-site destruction and removal of enriched uranium.

Officials said the language on destruction and disposal of enriched material received direct attention from the president and was among the most heavily negotiated sections.

A senior administration official told reporters that the deal is built on verifiable steps rather than trust. “We’re not quite at the finish line yet, but we are very close,” the official said on condition of anonymity. Iran’s foreign minister, Abbas Araghchi, posted on X that the two sides are close to an agreement and that most issues have been resolved.

U.S. partners in the Gulf. Earlier this week the president threatened to take control of Kharg Island.

The draft agreement signals that neither side wants a return to sustained air-and-missile exchanges. Officials from several Persian Gulf states expressed skepticism that Iran would adhere to the terms, citing concerns that the deal was rushed. Jon Alterman of the Center for Strategic and International Studies said Iran views itself as having prevailed.

“If the Iranians have their way, and I suspect they will, it will amount to less than meets the eye,” he told reporters.