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President Donald Trump called off new U.S. military strikes on Iran on Thursday, saying "final points" of an initial peace deal had been approved and details of a signing ceremony would be announced shortly.
Iran's semi-official Fars news agency reported that Tehran is likely to approve the agreement though it has yet to give a formal response.
Trump's announcement came hours after the president said the U.S. military would attack Iran for a third consecutive night.
Since mid-March, Trump has repeatedly claimed that a deal with Iran to end the war is close. The two sides have traded strikes throughout the week, straining a ceasefire announced in April.
Still, Iranian and Western sources said earlier on Thursday that efforts to reach an interim deal to end hostilities have intensified.
Three Iranian sources said a political understanding had been reached, but some issues remained to be discussed in detail, including a mechanism for the release of tens of billions of dollars of Iranian oil revenues frozen in foreign banks.