The US and Iran have agreed to a deal in principle to finally reopen the Strait of Hormuz and give up its uranium supply, according to a senior official. 

The deal would see the narrow waterway open up for ships to pass through freely, and ideally help mellow out the war in the Middle East, but it could take days to come into play, a senior Trump administration official told the New York Post. 

'They will open up the strait in exchange for us lifting the blockade, and they will agree in principle to dispose of the highly enriched uranium but then there’s a question about how precisely to do that,' they said. 

'We feel quite confident that the supreme leader has signed off on the broad template.'

When it comes to Iran's highly enriched uranium, the source said the Middle Eastern nation has 'national pride considerations' for freeing the material.  

Iran has not made a public statement on the preliminary deal, and Iranian officials have shared some contradicting comments on what the final agreement could consist of. 

The deal still needs to be officially approved by President Donald Trump and Iran's supreme leader, Mojtaba Khamenei. 

The news comes after Trump warned that he will not be rushed into making a peace deal with Iran as details emerged about negotiations earlier. 

On Truth Social Sunday morning, Trump wrote: 'The negotiations are proceeding in an orderly and constructive manner, and I have informed my representatives not to rush into a deal in that time is on our side.

'The Blockade will remain in full force and effect until an agreement is reached, certified, and signed. Both sides must take their time and get it right. There can be no mistakes! 

'Our relationship with Iran is becoming a much more professional and productive one. They must understand, however, that they cannot develop or procure a Nuclear Weapon or Bomb. 

Later that afternoon, after news broke that a deal was nearing completion, Trump doubled down on him taking his time to come to a decision. 

'We are not going to roll over. We are not there yet on a deal. We are not going to sign a deal today or tomorrow,' a White House official told Fox News. 

The source told the outlet that Trump’s 'instinct is to give them 5, 6, 7 days' to get to a final agreement. 

'We have a deal on the nuclear stockpile and the Strait of Hormuz but are negotiating language,” the official said, referring to the administration's 'No Dust, No Dollars' policy. 

The policy is guiding negotiations, and means that if Iran doesn't hand over its uranium, they 'aren't going to get any real relief,' a source told the Post. 

Regional officials told The Associated Press Sunday that the deal could see the Middle Eastern country give up its stash of highly enriched uranium and the Strait of Hormuz reopen. Iran has not publicly committed to giving up its uranium.

Trump continued in his post to take aim at Barack Obama writing: 'One of the worst deals ever made by our Country was the Iran Nuclear Deal, put forth and signed into existence by Barack Hussein Obama and the rank amateurs of the Obama Administration. 

'It was a direct path to Iran developing a Nuclear Weapon. Not so with the transaction currently being negotiated with Iran by the Trump Administration - THE EXACT OPPOSITE, in fact!'

He concluded by saying: 'I would like to thank, thus far, all of the countries of the Middle East for their support and cooperation, which will be further enhanced and strengthened by their joining the Nations of the historic Abraham Accords and, who knows, perhaps the Islamic Republic of Iran would like to join, as well! Thank you for your attention to this matter.'  

His post came after US Secretary of State Marco Rubio said Sunday morning that America has made 'significant progress' in negotiations over an Iran peace deal.

Rubio made the comment while on a visit to India on Sunday.

'On the Iran situation, there will be, I believe, maybe more news coming out later today on this topic, and I'll leave it to the president to make further announcements on it,' Rubio said before giving a little glimpse into what the next move is. 

'It's suffice to say that some progress has been made, significant progress, although not final progress has been made.' 

The US has been after Iran's uranium stockpile in a bid to prevent the country from developing nuclear weapons and being a massive threat to the US and its allies. 

The US-Iran war broke out on February 28 following a decades-long conflict between the nations. 

Following the start of the war, the Strait of Hormuz, a narrow and vital waterway that is used as a high-volume shipping route, closed. 

It opened temporarily, but has since shut down again after the US maintained a naval blockade of Iranian ports. 

During his talk on Sunday, Rubio expressed why the Strait of Hormuz being closed has caused a great deal of tension amid 'illegal' activities Iran has taken part in. 

'This is an international waterway. They [Iran] don't own it. It's an international waterway, and what they are doing now, is basically they are threatening to destroy commercial vessels using an international waterway. 

'That is illegal under any concept of international law that governs us, but it's also - if we allowed that to become normal, we would be normalizing an unacceptable status quo, and setting a dangerous precedent that could be replicated here in this region and in multiple places around the world,' Rubio said.

According to Rubio, progress has been made over the last two days after the US and its partners in the gulf drew up an 'outline' that would reopen the waterway 'without tolls', and help in 'addressing some of the key things that underpin what has been Iran's nuclear weapons ambitions in the past.' 

Rubio made it clear that the 'outline' could be a crucial step forward in a possible peace deal with Iran, but only 'if it works.' 

'Obviously, that will require full Iranian acceptance and then compliance, and it will require some future work on negotiating the details.'  

The strait’s reopening would begin to address a worldwide energy crisis sparked by the conflict. 

Prices have spiked for oil, gas and several downstream products, jolting the world economy. 

Experts say it would take several weeks or even months for shipping and prices to recover to prewar levels.

The US in recent weeks had threatened to resume its bombing campaign, which would have likely prolonged the closure and led to Iranian retaliation against Israel and US-allied energy producers in the Gulf.

On Saturday, Trump said a deal had been 'largely negotiated,' after calls with Israel and other regional allies. 

'Final aspects and details of the Deal are currently being discussed, and will be announced shortly,' he said on social media.

Under the potential deal, Tehran would agree to give up its stockpile of highly enriched uranium, according to the two regional officials, who spoke on condition of anonymity to discuss the sensitive negotiations.

One official, with direct knowledge of the negotiations, said how Iran would give up its highly enriched uranium would be subject to further talks during a 60-day period. Some would likely be diluted, while the rest would be transferred to a third country, potentially Russia, the official said. Russia has offered to take it.

Iran has 440.9kgs of uranium that is enriched up to 60 percent purity, a short, technical step from weapons-grade levels of 90 percent, according to the International Atomic Energy Agency.

Iran said the peaceful use of nuclear science and technology is a legitimate right that it 'will never relinquish,' according to its embassy in India.

Trump has sought greater concessions from Iran than those required under a 2015 Obama-era agreement that the US later withdrew from under Trump.

On Saturday, Iranian Foreign Ministry spokesman Esmail Baghaei told the state-run news agency that there are 'narrowing differences' between the Iranian and US positions, but that Iran is cautious after being attacked twice in the past year during nuclear negotiations.

Pakistani army chief Asim Munir, a key mediator, left Tehran late Saturday after more talks with Iranian officials.

Under the emerging agreement, the Strait of Hormuz would gradually reopen in parallel with the US ending its blockade of Iran’s ports, the officials said.

Twelve weeks have passed since the US and Israel attacked Iran, killing its supreme leader and other top officials. 

A ceasefire with Iran has held since April 7, though the sides have exchanged fire on occasion.

Prime Minister Benjamin Netanyahu warned Trump that Israel maintains freedom of action against threats in all arenas, including Lebanon, according to an official familiar with the conversation. 

The official spoke on the condition of anonymity because they were not authorized to speak to the media.

The official said Trump made it clear to Netanyahu that he would not sign any final agreement without the conditions that Iran dismantle its entire nuclear program and give up all its enriched uranium.

Israel’s Science Minister Gila Gamliel, a member of Netanyahu’s Likud party and part of his national security cabinet, told Israel’s Army Radio that Israel is taking a 'wait-and-see' approach.