The U.S. and Iran are negotiating over a memorandum of understanding (MoU) aimed at breaking through the standoff in the Strait of Hormuz and setting a timeline for both sides to work out a more comprehensive nuclear deal.

The one-page MoU currently on the table from the Trump administration would see Iran easing its grip on the Strait of Hormuz and the U.S. gradually lifting its naval blockade of the country's ports over a 30-day period, according to officials familiar with the matter.

Officials underscore that nothing has been formally agreed to at this point and that some issues -- including ones related to Iran's ongoing demands to charge a toll for transiting the strategic waterway -- still need to be resolved.

Iranian and US negotiators have passed multiple draft versions of the MoU back and forth in recent days, and the administration is currently waiting for feedback from Iran on several points, they say.

In its current form, the one-page MoU does contain terms related to Iran's nuclear program, but the expectation is that most of the specifics would be negotiated over the 30-day period.

Officials have so far declined to describe the proposed MoU as a take-it-or-leave-it offer.

-ABC News' Rachel Scott and Shannon K. Kingston

President Donald Trump said that he would not set a deadline for Iran to make a deal, while speaking at the Oval Office on Wednesday.

Asked directly if there was a deadline for Iran, Trump said there was “never a deadline.”

“Never a deadline. It'll happen, it'll happen, but never a deadline,” Trump said.

Trump continued to express confidence that a deal with Iran was close. Asked what was different about this time compared to other times when a deal seemed close, Trump said that “a few days ago is a long time.”

"They want to make a deal badly. And we'll see if we get there. If we get there, they can't have nuclear weapons,” Trump said.

“Iran can not have a nuclear weapon, and they won't. And they've agreed to that, among other things,” Trump claimed.

-ABC News' Nicholas Kerr

Responding to Axios reporting that the U.S. and Iran are closing in on a one-page memo to end the war, an Iranian official said that Iran has "its finger on the trigger."

"Axios' text is Americans' wish list until it becomes reality, Americans will not obtain through a failed war what they failed to gain in face-to-face negotiations, Iran has its finger on the trigger and is ready," Ebrahim Rezaei, a senior member of Iran's parliament, said in a post on X.

Adding, "if they do not surrender and grant the necessary concessions, or if they or their devilish henchdog allies try to act mischievously, we will deliver a harsh and regret-inducing response."

-ABC News' Desiree Adib

Israel launched strikes on Beirut Wednesday, targeting a Hezbollah commander, according to a joint release from Prime Minister Benjamin Netanyahu and Defense Minister Yisrael Katz.

"The terrorists, led by Radwan, were responsible for firing at Israeli settlements and harming IDF soldiers. No terrorist has immunity - Israel's long arm will catch every enemy and murderer," Netanyahu and Katz said.