A ceasefire agreement between the US and Iran is expected to be declared by Sunday, reports said.
Reuters reported that the plan would include three stages: the official end of the war, resolving the crisis in the Strait of Hormuz, and opening a 30-day window for negotiations on a broader agreement, with the option to extend the window.
An official reportedly told the Saudi Al Hadath that the declaration will be made in "a few hours."
A source close to the negotiations told The Washington Times that the US and Iran are expected to announce the finalization of an agreement by Sunday afternoon. According to the source, a draft proposal was agreed to early Saturday, and was expected to be announced within 24 hours.
Top negotiators on both sides have approved the draft, and it awaits only the leaders' final approval, the report added.
The White House did not comment on the Times report.
US Senator Lindsey Graham responded, "If a deal is struck to end the Iranian conflict because it is believed that the Strait of Hormuz cannot be protected from Iranian terrorism and Iran still possesses the capability to destroy major Gulf oil infrastructure, then Iran will be perceived as being a dominate force requiring a diplomatic solution."
"This combination of Iran being perceived as having the ability to terrorize the Strait in perpetuity and the ability the inflict massive damage to Gulf oil infrastructure is a major shift of the balance of power in the region and over time will be a nightmare for Israel."
He added, "Also, it makes one wonder why the war started to begin with if these perceptions are accurate. I personally am a skeptic of the idea that Iran cannot be denied the ability to terrorize the Strait and the region cannot protect itself against Iranian military capability."
"It is important we get this right."