The tentative deal emerged despite the US and Iran trading fresh attacks in the three-month-long conflict.
Donald Trump has said he is holding a meeting in the White House situation room to make a “final determination” on a deal to extend the ceasefire with Iran.
The move comes after reports that negotiators for both sides had reached an agreement to continue the fragile truce by 60 days as talks are held on Tehran’s disputed nuclear plans.
The tentative deal emerged despite the US and Iran trading fresh attacks in the three-month conflict.
The agreement is understood to make clear that Iran will not be able to impose tolls on the Strait of Hormuz and will remove all mines from the strategic waterway within 30 days.
The closure of the vital sea route by Iran during the conflict has caused a shock to economies around the world and led to a spike in fuel prices.
Writing on his Truth Social platform, Mr Trump said: “Iran must agree that they will never have a Nuclear Weapon or Bomb.
“The Hormuz Strait must be immediately open, no tolls, for unrestricted shipping traffic, in both directions.
“All water mines (bombs), if any, will be terminated (we have removed, through detonation, numerous such mines with our great underwater mine sweepers.
“Iran will complete the immediate removal and/or detonation of any mines that are left, which will not be many!).”
He said this would allow ships trapped by the armed stand-off to return home.
Mr Trump also said Tehran’s stockpile of highly enriched uranium would be destroyed.
He added: “No money will be exchanged, until further notice. Other items, of far less importance, have been agreed to.
“I will be meeting now, in the Situation Room, to make a final determination.”
