What to know about potential US-Iran agreement

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ReutersThe U.S. and Iran are negotiating over a memorandum of understanding aimed at breaking through the standoff in the Strait of Hormuz and setting a timeline for both sides to work out a more comprehensive nuclear deal, according to officials familiar with the matter. The one-page memorandum currently on the table from the Trump administration would see Iran easing its grip on the strait and the U.S. gradually lifting its naval blockade of the country’s ports over a 30-day period, the officials said.  Officials underscore that nothing has been formally agreed to at this point and that some issues -- including ones related to Iran’s ongoing demands to charge a toll for transiting the strategic waterway -- still need to be resolved. Vessels in the Strait of Hormuz in Musandam, Oman, May 6, 2026.ReutersIranian and U.S. negotiators have passed multiple draft versions of the memorandum back and forth in recent days, and the administration is currently waiting for feedback from Iran on several points, they said. In its current form, the one-page memorandum does contain terms related to Iran’s nuclear program, but the expectation is that most of the specifics would be negotiated over the 30-day period.  Officials declined to describe the proposed memorandum as a take-it-or-leave-it offer.  Axios first reported progress toward a memorandum.  The Trump administration’s pursuit of a short-term memorandum of understanding marks a significant shift in the U.S. position, according to several sources familiar with the negotiations.  Previously, the administration has rejected multiple plans from Iran that included similar provisions to clear shipping lanes while pushing off nuclear issues, including proposals floated during recent days, they say. Why the change?Administration officials have offered different explanations for the shift.  Some assert that international pressure, signs that the ceasefire was at risk of collapse and doubts about the viability of Operation Freedom prompted the president to change course.  But other officials maintain that there have been encouraging signs in recent days that Iran is willing to move towards the administration's stances on key nuclear issues -- creating higher confidence that remaining gaps could be bridged within 30 days.  President Donald Trump speaks during a signing ceremony for a proclamation to revive the Presidential Fitness Test Award, a competitive school-based fitness program, in the Oval Office of the White House in Washington, May 5, 2026.Kent Nishimura/AFP via Getty Images Still, even with the more focused memorandum currently on the table, there are major hurdles between negotiators and the finish line. Chief among them is that officials say the administration is still entirely unsure whether the Iranian regime is united enough to agree to any deal.  Also, any agreement that involves lifting the U.S. naval blockade on Iranian ports means lifting an immense amount of the economic pressure currently on the regime. And it would be impossible to quickly reimpose that same level of pain without resorting to more drastic measures, officials said.  On signs of progress in the talks, two sources say Iran has expressed a willingness to allow its highly enriched uranium to be excavated and moved out of the country for down-blending.  And while the sides have not agreed to a length for a moratorium on uranium enrichment, they said both sides appeared closer to a compromise that would involve Iran suspending enrichment for at least 10 years. But what negotiators have expressed doesn’t necessarily reflect the stance of the regime more broadly.  The sources also said that any lifting of other economic restrictions like sanctions or frozen assets would be gradual and based on verification measures.  24/7 coverage of breaking news and live events The U.S. and Iran are negotiating over a memorandum of understanding aimed at breaking through the standoff in the Strait of Hormuz and setting a timeline for both sides to work out a more comprehensive nuclear deal, according to officials familiar with the matter. The one-page memorandum currently on the table from the Trump administration would see Iran easing its grip on the strait and the U.S. gradually lifting its naval blockade of the country’s ports over a 30-day period, the officials said.  Officials underscore that nothing has been formally agreed to at this point and that some issues -- including ones related to Iran’s ongoing demands to charge a toll for transiting the strategic waterway -- still need to be resolved. Iranian and U.S. negotiators have passed multiple draft versions of the memorandum back and forth in recent days, and the administration is currently waiting for feedback from Iran on several points, they said. In its current form, the one-page memorandum does contain terms related to Iran’s nuclear program, but the expectation is that most of the specifics would be negotiated over the 30-day period.  Officials declined to describe the proposed memorandum as a take-it-or-leave-it offer.  Axios first reported progress toward a memorandum.  The Trump administration’s pursuit of a short-term memorandum of understanding marks a significant shift in the U.S. position, according to several sources familiar with the negotiations.  Previously, the administration has rejected multiple plans from Iran that included similar provisions to clear shipping lanes while pushing off nuclear issues, including proposals floated during recent days, they say. Administration officials have offered different explanations for the shift.  Some assert that international pressure, signs that the ceasefire was at risk of collapse and doubts about the viability of Operation Freedom prompted the president to change course.  But other officials maintain that there have been encouraging signs in recent days that Iran is willing to move towards the administration's stances on key nuclear issues -- creating higher confidence that remaining gaps could be bridged within 30 days.  Still, even with the more focused memorandum currently on the table, there are major hurdles between negotiators and the finish line. Chief among them is that officials say the administration is still entirely unsure whether the Iranian regime is united enough to agree to any deal.  Also, any agreement that involves lifting the U.S. naval blockade on Iranian ports means lifting an immense amount of the economic pressure currently on the regime. And it would be impossible to quickly reimpose that same level of pain without resorting to more drastic measures, officials said.  State of play on nuclear issues On signs of progress in the talks, two sources say Iran has expressed a willingness to allow its highly enriched uranium to be excavated and moved out of the country for down-blending.  And while the sides have not agreed to a length for a moratorium on uranium enrichment, they said both sides appeared closer to a compromise that would involve Iran suspending enrichment for at least 10 years. But what negotiators have expressed doesn’t necessarily reflect the stance of the regime more broadly.  The sources also said that any lifting of other economic restrictions like sanctions or frozen assets would be gradual and based on verification measures.