Donald Trump is on the verge of securing a sweeping peace deal with Iran that would lift US sanctions, free billions in frozen assets and open a path to uranium enrichment, mirroring the Barack Obama pact he spent years trashing. 

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, a 30-day window would open 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.  

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