Trump posted on social media that the emerging agreement would reopen the strait, the vital shipping passage whose closure has sparked a global energy crisis since the US and Israel launched attacks on Iran in February. He did not say what else would be included in an agreement.
"Final aspects and details of the Deal are currently being discussed, and will be announced shortly," Trump wrote on Truth Social.
Various media in the US and Iran said the memorandum that could yield an agreement lays out a phased framework for ending months of fighting, reopening the strategic waterway soon and lifting a US blockade on Iran. Plans for Iran's stockpile of enriched uranium, which Washington has insisted it give up, would be negotiated within 30 to 60 days, the reports said.
US Secretary of State Marco Rubio, on a visit to India, said more news on Iran could come on Sunday and there was a possibility of good news on the strait over the next few hours.
Axios reported late on Saturday that the US and Iran were close to a deal, which it said would include no tolls on ships transiting the strait, while Iran would be able to freely sell oil and negotiations would be held on curbing Iran's nuclear program.
In exchange, the US would lift its blockade on Iranian ports and issue some sanctions waivers on Iranian oil, the US news outlet said, citing a US official.
The draft agreement also includes commitments from Iran never to pursue nuclear weapons and to negotiate over a suspension of its uranium enrichment program and the removal of its stockpile of highly enriched uranium, Axios said.
Trump, while offering various war aims during the three-month-old conflict, has repeatedly said the US struck Iran to prevent it from obtaining nuclear weapons. Iran has denied it is pursuing nuclear weapons and says it has a right to enrich uranium for civilian purposes.
