Donald Trump is on the verge of securing a sweeping peace deal with Iran that would lift US sanctions and unlock billions in frozen assets for Tehran.

A one-page, 14-point memorandum of understanding is being negotiated between senior Iranian officials and Trump envoys Steve Witkoff and Jared Kushner. The White House believes the memo could finalize a framework to end the war within 48 hours.

If signed, the memo would formally end the war and open a 30-day window for both countries to negotiate a larger agreement covering the reopening of the Strait of Hormuz, the lifting of all US sanctions on Iran, and new limits on its nuclear program.

The deal calls for Iran to halt all uranium enrichment for 12 to 15 years with automatic extensions if Tehran violates the terms, according to Axios. 

Another key provision would have the regime remove its highly enriched uranium stockpile from the country though the memo does not specify a destination.

Trump has been at pains to avoid anything resembling the 2015 Obama deal he spent years trashing as the ‘worst deal ever.’ But the emerging framework echoes it in striking ways: sanctions lifted, frozen billions released, and Iran capped at the same 3.67 percent enrichment level agreed to by Obama. 

Oil prices plunged on news of the proposed deal with Brent crude, the global benchmark, falling by more than 10 percent to below $100 per barrel. Stock futures tied to the Dow rose 1.1 percent, S&P 500 futures surged 0.9 percent, while Nasdaq futures climbed 1.6 percent. 

The Daily Mail has contacted the White House for comment.  

The deal, if signed, would formally end the war and open a 30-day window for both countries to negotiate a larger agreement covering the reopening of the Strait of Hormuz, the lifting of all US sanctions on Iran, and new limits on its nuclear program

If signed, the memo would formally end the war and open a 30-day window for both countries to negotiate a larger agreement covering the reopening of the Strait of Hormuz

Another key provision would have the regime remove its highly enriched uranium stockpile from the country though the memo does not specify a destination

Trump has been at pains to avoid anything resembling the 2015 Obama deal he spent years trashing as the ‘worst deal ever’

As details of Trump’s latest proposal to Iran emerged, the President sent out a post on Truth Social to his followers urging the regime to make peace. 

‘Assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption, the already legendary Epic Fury will be at an end, and the highly effective Blockade will allow the Hormuz Strait to be OPEN TO ALL, including Iran,’ Trump wrote. 

‘If they don’t agree, the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before.’

The memorandum also requires Iran to commit to never seeking a nuclear weapon or conducting weapons testing activities, points the regime has previously agreed to. 

Diplomats are discussing an additional clause that would bar Iran from operating underground nuclear facilities.

Trump’s latest proposal does not appear to place any limits on Iran’s ballistic missile program. 

However, the regime would commit to further nuclear inspections, including snap review by UN specialists and investigators. 

The lifting of sanctions imposed on Iran and release of billions in frozen Iranian funds from across the globe would be a gradual process, according to US officials.

Behind the scenes, Israel is already lining up fresh strikes on Iran should the deal collapse, with senior Iranian officials and the country’s energy infrastructure squarely in the crosshairs, an Israeli source told CNN.

The bombardments had been ready for execution on the eve of the ceasefire agreed in early April and were accelerated again this week after Iranian missiles were fired toward the United Arab Emirates on Monday.

Prime Minister Benjamin Netanyahu, wary of Tehran’s peace overtures from the outset, is said to favor ‘a short campaign aimed at pressuring Iran into further concessions in negotiations,’ the source added.