Sources close to the negotiations say that representatives of the United States and Iran in New York are discussing a phased agreement to end the hostilities.

Reuters, citing two Iranian sources, two regional officials, and two Western diplomatic sources, has reported that under this agreement, Tehran will reopen the shipping route in the Strait of Hormuz, and Washington will lift its economic siege on Iran.

Iranian and Western sources have told Reuters that one of the main obstacles in the negotiations is that neither side wants to be the first to give up its leverage.

A senior Iranian official has said that resolving the crisis in a phased manner could be a way out of the deadlock.

According to him, the first phase could include the end of the US economic siege and the reopening of the Strait of Hormuz, and in later phases, Tehran would likely gain access to its frozen assets as well.

Donald Trump, President of the United States, had previously said that there is a possibility of reaching an agreement with Iran after the midterm congressional elections on November 3.

A White House official has said that Trump remains ready to talk with Iran under “the right conditions,” but according to him, Washington is not in a hurry to reach an agreement.

Meanwhile, Iranian officials say that the economic pressure from the US siege has imposed heavy costs on Iran, and Tehran, alongside diplomatic efforts, is also preparing itself for the possibility of renewed hostilities.

According to the report, the Strait of Hormuz is one of the most important energy transit routes in the world, and its continued closure could affect the global oil market and international trade.

The Strait of Hormuz has now become one of the main axes of negotiations between the two countries.

Iran is seeking a reduction in the economic pressure from the US siege, and Washington is seeking the return of free movement of ships in this important oil transit route.