US envoys Jared Kushner (left) and Steve Witkoff are leading negotiations

The one-page memorandum of understanding at the centre of the US and Iran peace deal is said to contain 14 points.

According to Axios, the terms are being negotiated between US envoys Steve Witkoff and Jared Kushner and several Iranian officials, both directly and through mediators.

In its current form, the memorandum would declare an end to the war in the region and the start of a 30-day period of negotiations on a detailed agreement to open the strait, limit Iran’s nuclear programme and lift US sanctions, Axios added.

Iran’s restrictions on shipping through the strait and the US naval blockade of Iran would be gradually lifted during that 30-day period, Axios said, citing one US official who added that if the negotiations collapse, US forces would be able to restore the blockade or resume military action.

the US reportedly expect Iranian responses on several key points in the next 48 hours.