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Trump said on Saturday that an agreement would include the reopening of the Strait of Hormuz, without giving further details.
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The deal under discussion would involve a 60-day ceasefire extension during which the Strait of Hormuz would be reopened, US media reports.
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President Trump is hailing is agreement with Iran as groundbreaking, even as he admits is "isn't even fully negotiated." But the nuclear stockpile, enrichment and missiles have not been discussed.
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Without the details of a formal agreement, it is unclear how soon normal shipping will resume and when oil prices will start to come down.
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The Secretary of State said the United States was prepared to begin those talks if Iran opens the Strait of Hormuz as part of an apparently emerging deal on the war.
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A fragile ceasefire has been in place since April 8, punctuated by skirmishes as the U.S. and Iran jockey over the Strait of Hormuz.
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