NEW: U.S. and Iran negotiators have reached a 60-day memorandum of understanding to extend the ceasefire and begin talks on Iran's nuclear program, according to reports.
The agreement awaits final approval from President Trump and marks a notable diplomatic step three months into the conflict.
If approved, terms would allow unrestricted shipping through the Strait of Hormuz, lift the U.S. blockade, and include discussions on sanctions relief along with the release of frozen Iranian funds.