Iranian Foreign Ministry spokesman Esmail Baghaei has confirmed that US-Iran talks have entered a sensitive phase, reported 24NewsHD TV Channel.
In an interview to American TV channel, Esmail Baghaei said that Theran was reviewing Washington's 14-point peace proposals. Earlier, US news outlet Axios reported Wednesday, citing two US officials that Washington believes it is close to reaching an agreement with Iran to reopen the Strait of Hormuz and end the war.
US President Donald Trump threatened Wednesday to restart bombing on Iran if it does not agree to a deal to end the war.
"If they don't agree, the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before," Trump said in a social media post.
According to Axios, the two sides are close to agreeing on a "one-page memorandum of understanding to end the war and set a framework for more detailed nuclear negotiations."
It said the deal would involve Iran committing to a moratorium on nuclear enrichment and the United States agreeing to release billions of dollars of frozen Iranian funds. Washington is reportedly awaiting a response from Tehran on several key points in the next 48 hours.
"Nothing has been agreed yet, but the sources said this was the closest the parties had been to an agreement since the war began," Axios said. US President Donald Trump has repeatedly said that an agreement is close, without ever reaching one. Trump launched "Project Freedom" on Monday to help vessels leave the strait. But he suspended the operation after just one day following requests from "mediator Pakistan and other countries," saying "Great Progress has been made toward a Complete and Final Agreement" with Tehran. In its current form, the agreement would declare an end to the war and the start of a 30-day period of negotiations, Axios said. The negotiations could take place in Islamabad or Geneva, it added.
Meanwhile, President Trump said US will pause escorting commercial ships through the Strait of Hormuz barely a day after it began doing so as Trump said Tuesday, citing he wanted to reach a peace deal with Iran.
Despite an uptick in military activity in recent days, Trump said "great progress has been made" toward a deal with Tehran and that the ship-guiding operation "will be paused for a short period of time to see whether or not the Agreement can be finalized and signed."
The announcement came hours after Secretary of State Marco Rubio said the United States had completed its offensive operations against Iran, while withholding the right to unleash a "devastating" response to any new attacks on shipping in the narrow shipping lanes.
Rubio echoed Washington's top military officer who earlier in the day said that US forces were ready to resume combat operations if ordered.
And Trump added that the blockade of Iranian ports "will remain in full force and effect."
As these announcements were made in Washington, Iranian media reported that Foreign Minister Abbas Araghchi arrived in Beijing, where he will on Wednesday meet his Chinese counterpart, Wang Yi.
The US military escorts over the last day and a half -- dubbed "Project Freedom" by Trump -- drew Iranian attacks, threatening an already fragile ceasefire.
Iran's Revolutionary Guards navy warned of a "firm response" if ships deviated from its approved route through the strait, as the country's chief negotiator said Tehran "had not even started yet," following a spate of attacks in the crucial trade route.
The United Arab Emirates announced it was intercepting a barrage of missiles and drones from Iran for a second day -- a claim Tehran "categorically" denied.
"The armed forces...did not launch any missile or drone operation," Iran's Khatam al-Anbiya command said.
Iran fired missiles and drones at US forces on Monday, while Washington said it struck six Iranian boats it accused of threatening commercial shipping, in the sharpest escalation since a month-long truce.
US Central Command remains "ready to resume major combat operations...if ordered," General Dan Caine told reporters. "No adversary should mistake our current restraint with a lack of resolve."
Trump earlier Tuesday urged Iran to "do the smart thing" and make a deal, saying he did not want to kill more Iranians even as the ceasefire teetered. Pentagon chief Pete Hegseth had said the United States was "not looking for a fight" but warned attacks would face "overwhelming and devastating" force.