The White House believes it is 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. The deal would involve Iran committing to a moratorium on nuclear enrichment, the US agreeing to lift sanctions and release billions in frozen Iranian funds, and both sides lifting restrictions around transit through the Strait of Hormuz. Iran stated it would accept a peace deal only if it was ‘fair’.