The agreement the U.S. and Iran are close to signing involves a 60-day ceasefire extension during which the Strait of Hormuz would be reopened, Iran would be able to freely sell oil, and negotiations would be held on curbing Iran's nuclear program, according to a U.S. official.

Axar.az reports, citing Axios, during the 60-day period, the Strait of Hormuz would be open with no tolls and Iran would agree to clear the mines it deployed in the strait to let ships pass freely.

The draft memorandum of understanding (MOU) also makes clear that the war between Israel and Hezbollah in Lebanon would end.

The White House hopes the final differences will be resolved in the coming hours and that a deal will be announced on Sunday, the U.S. official said.