Accra: Mediators are seeking to revive a memorandum of understanding between Iran and the US and reopen the Strait of Hormuz, according to Israeli media on Sunday. Sources familiar with the matter told Channel 12 that a proposed deal includes a return to the ceasefire between Washington and Tehran and keeping the Strait of Hormuz open for 60 days without fees.

According to Anadolu Agency, the US and Iran signed a ceasefire in April and a Pakistan-mediated memorandum of understanding in June aimed at ending their military conflict and reaching a lasting peace agreement. However, the deal collapsed last month following 13 consecutive days of US bombardment on Iran over attacks on vessels in Hormuz, which Washington attributed to Tehran. Iran responded with missile and drone attacks on Gulf nations hosting US assets.

Washington has demanded that Iran halt attacks on vessels and ensure freedom of navigation through the strait. Conversely, Tehran insists that ship traffic through waters adjacent to its coastline should be governed by a mechanism under its supervision.

US President Donald Trump stated on Saturday that he canceled a planned military strike against Iran after Tehran and 'other Middle Eastern countries' requested time to finalize the framework of a peace deal, adding that Israel has joined the commitment. Trump claimed on his social media platform, Truth Social, that the parties agreed to the 'perimeters' of a potential deal, which would include the "immediate, complete, and total" reopening of the Strait of Hormuz and an end to Iran's nuclear threat.

Iranian military officials, however, dismissed Trump's claim as a 'lie.' A source close to Iran's negotiating team also denied reports of an agreement being reached to reopen the Strait of Hormuz, stating to the semi-official Fars News Agency, 'No agreement has been reached on reopening the Strait of Hormuz.'