WASHINGTON, May 6 (Xinhua) -- The United States and Iran are closing in on a one-page memo to end their war, Axios reported on Wednesday.

A potential deal would involve Iran committing to a moratorium on nuclear enrichment and the United States agreeing to lift sanctions, with both sides lifting restrictions on transit through the Strait of Hormuz, it said.

The duration of the moratorium on uranium enrichment remains under negotiation, with an estimated period of 12-15 years, said the report, adding that Iran initially proposed a five-year suspension while the United States demanded 20. ■