The deal under discussion would involve a 60-day ceasefire extension during which the Strait of Hormuz would be reopened, according to US media.

The US president said both sides "must take their time" to reach a deal, after saying on Saturday that an agreement had been "largely negotiated".

May 24 (UPI) -- President Donald Trump on Sunday urged his negotiators "not to rush into a deal" with Iran because "time is on our side."