The United States and Iran reach a memorandum of understanding, but still require approval from both leaders
Negotiators from the United States and Iran believe they have reached a consensus on a draft that would formally extend the ceasefire and gradually open the Strait of Hormuz, capable of gaining support from both countries; however, President Donald Trump and Iran's Supreme Leader Mojtaba Khamenei have not yet given final approval, which means there is currently no agreement, as stated by two U.S. officials and another source familiar with the negotiations.
In the later stages of negotiations, both Trump and the Iranian leadership had refused the agreements reached. U.S. officials also expressed concerns that the fragmented Iranian regime may not be able to agree on any agreement, but senior Iranian officials have indicated that the regime can accept the terms currently on the table.
U.S. officials confirmed that Trump has been briefed on this draft memorandum of understanding and stated that the draft would completely open the Strait of Hormuz within 60 days, with Iran gradually easing its control over the waterway while the U.S. simultaneously and gradually withdraws its maritime blockade until the strait is restored to its pre-war state.

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