President Trump and Prime Minister Netanyahu [AP=Yonhap News photo] 

The United States is reportedly finalizing a memorandum of understanding (MOU) with Iran to end hostilities at a working level and is circulating a draft to its allies.

The British Guardian reported on the 28th (local time) that U.S. President Donald Trump shared a draft MOU with Iran with Israel and other countries.

The Guardian pointed out that the draft circulated by President Trump is not significantly different from the terms discussed in the Middle East in recent days.

The draft includes a provision to restore shipping traffic in the Strait of Hormuz to pre-war levels within 30 days, with no tolls imposed.

It also includes an extension of the ceasefire for 60 days to commence negotiations on Iran's nuclear program.

Future nuclear negotiations are expected to address the handling of highly enriched uranium, a halt to further enrichment, and oversight by the International Atomic Energy Agency (IAEA).

A commitment from Iran not to pursue nuclear weapons is also included.

In return, the United States would lift sanctions on Iran and grant access to up to $12 billion of Iran's frozen assets.

A ceasefire between Israel and the Iran-backed Hezbollah in Lebanon was also addressed.

U.S. Treasury Secretary Scott Bessant acknowledged that both sides were exchanging proposals and that an agreement was possible.

However, Bessant explained that President Trump has not yet given final approval to the draft and that "everything depends on the president."

Axios previously reported, citing U.S. government officials, that most of the terms of the agreement were finalized on the 26th and that the Iranian leadership had also approved it.

Axios added, however, that President Trump had asked mediators for "a few more days to think" and had deferred final approval.

It appears that President Trump, after reviewing the proposed agreement, shared the details with Israel before announcing a final agreement.

The Guardian, however, pointed out that the current draft postpones firm nuclear commitments from Iran to a later date and includes a ceasefire with Lebanon, which could be difficult for Israel to accept.

Israel has intensified its offensive against Lebanon as U.S.-Iran peace talks accelerate.

Amidst this, Pakistani Foreign Minister Mohammad Ishaq Dar will visit Washington on the 29th to meet with U.S. Secretary of State Mike Rubio.

The Pakistani Foreign Ministry stated that opinions on international affairs would be exchanged during the meeting.

Pakistan has played a significant role in mediating peace talks between the United States and Iran.