American and Iranian negotiators believe they have arrived at a draft agreement.
President Donald Trump announced "major combat operations" against Iran on Feb. 28, with massive joint U.S.-Israeli strikes targeting military, government and infrastructure sites.
Following the announcement of a two-week ceasefire, initial U.S.-Iran talks in Pakistan in April failed to reach a peace deal.
Trump later announced the open-ended extension of the ceasefire and the continuation of a U.S. blockade until negotiations are concluded "one way or the other."
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The U.S. has carried out new airstrikes in southern Iran targeting a military site that was believed to pose a threat to U.S. forces and commercial maritime traffic in the Strait of Hormuz, according to a U.S. official.
The U.S. military also intercepted and shot down multiple Iranian drones that posed a similar threat, according to the official.
Speaking at a cabinet meeting on Wednesday, President Donald Trump said the Iranians "want very much to make a deal," but an agreement hasn't been reached yet.
"We're not satisfied with it, but that we will be. Either that or we'll have to just finish the job," Trump said.
"Iran cannot have a nuclear weapon. I'm doing that for the world. I'm not doing it just for us," Trump said.
The White House addressed reports on an initial memorandum of understanding between the U.S. and Iran on Wednesday, saying that negotiations are "proceeding nicely" and that the president would only make a deal "which must ensure that Iran can never have a nuclear weapon."
"As President Trump has said, negotiations are proceeding nicely and he has made his redlines clear. President Trump will only make a good deal for the American people, which must ensure that Iran can never have a nuclear weapon," White House spokesperson Olivia Wales said in a statement when asked about the reports.
Despite the latest U.S. strikes in Iran, talks toward an initial agreement to end the war continued in Doha on Tuesday, with a high-level Iranian delegation and Qatari mediators meeting in the city and the Trump administration's negotiators participating from afar, according to two U.S. officials.
Officials and mediators say that Iran and the U.S. are working to reach an agreement on an initial memorandum of understanding that would end the conflict and gradually reopen the Strait of Hormuz while nuclear issues were negotiated.
Although the memo would allow for nuclear negotiations to take place over at least 60 days, the Trump administration still wants to see Iran agree to some big-picture commitments before signing onto the framework, U.S. officials say.
Iran, meanwhile, continues to try to maximize economic incentives to be included in the initial phase of the agreement -- including pushing for the release of frozen Iranian assets, the U.S. officials added.
Another factor is the situation in Lebanon. Iran -- which has insisted Israel's fight against Hezbollah was part of the initial ceasefire deal -- is adamant that the memo should end the conflict there. However, the Trump administration has so far indicated it will continue to back Israel's right to defend itself from Hezbollah.
