The U.S. and Iran are close to reaching an agreement to end the war. Iran has introduced new protocols for passing through the Strait of Hormuz.

The parties are discussing a one-page memorandum that could include:

• An Iranian moratorium on uranium enrichment.
• The lifting of some U.S. sanctions.
• The unblocking of billions of dollars in frozen Iranian assets.
• The removal of restrictions on transit through the Strait of Hormuz.

No final agreements have been reached yet.

The U.S. expects Iran's response within the next 48 hours.

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