Iran-US One-Page Deal Memo May 6 2026: Rubio Says War Is Over, Oil Collapses 12%

# Iran-US One-Page Deal Memo May 6 2026: Rubio Says War Is Over, Oil Collapses 12%

> **Quick answer:** On May 6, 2026, the US and Iran are closing in on a one-page memorandum of understanding to end their 68-day war. Secretary of State Marco Rubio declared the offensive phase "over," saying "there's no shooting unless we're shot at first." Under the proposed deal, Iran would freeze nuclear enrichment, the US would lift sanctions and release billions in frozen assets, and both sides would ease restrictions on the Strait of Hormuz — triggering a 12% oil price collapse.

The Iran war may be ending today. On the morning of May 6, 2026 — Day 68 of the conflict — two US officials told Axios that the United States believes it is closing in on a one-page memo with Iran to end hostilities and open a 30-day window for detailed peace negotiations. Secretary of State Marco Rubio told Congress the offensive stage of Operation Epic Fury is "over." Oil fell off a cliff. Here is everything you need to know about what is in the deal, what it means for markets, and what the risks of a collapse still look like.

## What the One-Page Memo Says

The document being negotiated is described as a 14-point memorandum of understanding — a brief framework, not a final treaty. Its core terms, according to US officials and reporting from Axios, Iran International, and the Irish Times:

**Nuclear provisions.** Iran would commit to a moratorium on uranium enrichment. The duration is still being contested: Iran has proposed 5 years; the US is demanding 20. Sources suggest a compromise around 12–15 years. Iran may also agree to remove highly enriched uranium from the country — a demand it had previously rejected — and accept enhanced UN inspections including snap checks.