Al Arabiya on Thursday evening reported some of the details of the agreement taking shape between the United States and Iran.

According to the report, the understandings include extending the ceasefire by at least 60 days, mine clearance operations, and reopening the Strait of Hormuz to international shipping within 30 days.

Additionally, the framework would allow Iran to sell and export oil alongside a phased review of sanctions relief, the continuation of nuclear negotiations during the 60-day period, and a ceasefire across all fronts.

Meanwhile, Iran’s Ministry of Foreign Affairs announced that the developing Memorandum of Understanding is in its advanced stages and is "nearly finalized."

According to the statement, the mediating countries have been working in recent hours to bridge the remaining gaps between the parties. However, at this stage, the agreement has not yet been fully completed or officially approved.

The Tasnim news agency quoted the Iranian Foreign Ministry spokesperson as saying that Iran has proven it will not compromise on what it defined as its "red lines."

According to the report, Iran has not yet reached a final conclusion regarding the agreement.

US President Donald Trump announced earlier on Thursday that he has called off strikes on Iran and that the regime has agreed to a deal to reopen the Strait of Hormuz and begin nuclear negotiations.

"Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening," Trump wrote on Truth Social.

According to the American President, "Discussions and final points have been, in both concept and great detail, approved by all parties involved, including the United States, Israel, Saudi Arabia, UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, Egypt, and others."

He stressed that "the naval blockade will remain in full force and effect until this transaction is finalized. The time and place of the signing will be announced shortly."

Trump later told reporters in the Oval Office that Iranian Supreme Leader Mojtaba Khamenei has approved the deal between the two countries.

“I understand the answer is yes," Trump replied when asked if Khamenei had given his approval to the agreement.

One reporter asked the President why he is so convinced that a deal will finally be signed this time, to which he replied, “Because they've taken a pounding. They've taken a pounding like very few people could take. And they want to make a deal a lot more than I do."

He also stressed, “Iran will, in no way, shape, or form, build a nuclear weapon or purchase a nuclear weapon."

Meanwhile, Prime Minister Benjamin Netanyahu's office issued a statement on Thursday evening commenting on the impending Iran nuclear deal.

"President Trump spoke this evening with Prime Minister Netanyahu regarding the memorandum of understanding (MoU) currently taking shape with Iran to enter into negotiations," the statement said.

"Although Israel is not a party to the memorandum of understanding, the Prime Minister expressed his appreciation for President Trump’s commitment that the final agreement concluded at the end of negotiations will include the removal of enriched material, the dismantling of enrichment infrastructure, limits on missile production, and the cessation of Iran’s support for its regional terror proxies," the statement added.