The US and Iran are closing in on an agreement to end their war, it has been reported.
US media outlet Axios states the White House believes it will reach a deal with Tehran on a one-page memorandum of understanding to cease the conflict which began on February 28.
While a Pakistani source involved in peace efforts told Reuters: 'We will close this very soon. We are getting close.'
The Axios report said the U.S. expected Iranian responses on several key points in the next 48 hours. The U.S. State Department and White House did not immediately respond to requests for comment.
The development comes hours after Donald Trump suspended 'Project Freedom', a US naval mission designed to wrest control of the key waterway from Iran following its effective closure.
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10:50
What we know about the memorandum between Iran and the US
US envoys Jared Kushner (left) and Steve Witkoff are leading negotiations
The one-page memorandum of understanding at the centre of the US and Iran peace deal is said to contain 14 points.
According to Axios, the terms are being negotiated between US envoys Steve Witkoff and Jared Kushner and several Iranian officials, both directly and through mediators.
In its current form, the memorandum would declare an end to the war in the region and the start of a 30-day period of negotiations on a detailed agreement to open the strait, limit Iran's nuclear programme and lift US sanctions, Axios added.
Iran's restrictions on shipping through the strait and the US naval blockade of Iran would be gradually lifted during that 30-day period, Axios said, citing one US official who added that if the negotiations collapse, US forces would be able to restore the blockade or resume military action.
the US reportedly expect Iranian responses on several key points in the next 48 hours.
10:43
US and Iran 'close to agreement to end war'
Good morning and welcome to our live coverage of the Iran war as it is reported Washington and Tehran are closing in on an agreement to end the conflict.
Multiple outlets are reporting the US and Iran are nearing consensus on a one-page memorandum with a Pakistani insider close to the negotiations saying, 'We will close this very soon. We are getting close'.
It comes hours after Donald Trump announced a pause to 'Project Freedom', a mission launched on Monday to guide ships through the blocked strait.
The mission had failed to bring about any significant resumption of traffic through the waterway, while provoking a new wave of Iranian strikes on ships in the strait and on targets in neighbouring countries.
In the latest incident, a French shipping company reported on Wednesday that one of its container ships had been struck in the strait the previous day, and that injured crew had been evacuated.
Stick with us for the latest developments throughout the day.
Key Updates
What we know about the memorandum between Iran and the US
US and Iran 'close to agreement to end war'