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Washington reportedly expects responses from Tehran on several key points within the next 48 hours.
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Iran's Revolutionary Guard said shipping through the Strait of Hormuz could resume, under unspecified procedures, after President Trump paused a U.S. military effort to help vessels transit the strait.
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European stocks soared on Wednesday as traders responded to reports that the U.S. and Iran are close to an agreement that will bring an end to the war.
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Oil prices fell sharply after Axios reported that the U.S. and Iran were closing in on an agreement to bring an end to the conflict.
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President Donald Trump first announced Project Freedom on Sunday in a post, promising the Navy would "guide their Ships safely out of these restricted Waterways."
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The president is trying to ratchet up the economic pressure on Tehran, but Iran's government is unlikely to make a deal without a big, face-saving compromise.
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