The White House believes it is close to finalizing a one-page memorandum of understanding with Iran to end the war and establish a framework for comprehensive nuclear negotiations, Axios reported Wednesday, citing two US officials and two other sources familiar with the talks. The US expects Iran to respond to several outstanding issues within the next 48 hours, according to the report.

The proposed agreement would require Iran to implement a moratorium on nuclear enrichment, while the US would lift sanctions and release billions of dollars in frozen Iranian assets, Axios said. Both sides would also remove restrictions on maritime transit through the Strait of Hormuz, a critical oil shipping route.

The report cautioned that no formal agreement has been reached and called the current moment the closest the two nations have come to a deal since the conflict began. Reuters has not independently verified the details, and neither the White House nor the US State Department responded to requests for comment.