It seems that the US and Iran have been very close to a deal for a little while, but while a framework for an extended negotiation period, which would include an opening of the Strait of Hormuz, has been presented to US President Donald Trump, the deal isn't quite "there".
That's according to US Vice President JD Vance in a message to the BBC. In this response, he says it's too early to say "when or if" a deal would be actually struck.
This comes just after the aforementioned framework was presented, or a "memorandum of understanding" as it's being called, to Iran's leadership and Donald Trump - neither party seems to have commented on this as of yet.
This framework would allow unrestricted passage through the Strait, and give Iran 30 days to remove mines from the waterway. It would also require the US to lift its own blockade of Iranian ports and vessels.