U.S. Vice President JD Vance said Thursday that while they were "not there yet," a deal to extend the U.S.-Iran ease-fire and repoen the Hormuz Strain was very close. Photo by Samuel Corum/UPI | License Photo

May 29 (UPI) -- U.S. Vice President JD Vance said the United States and Iran were very close to finalizing a 60-day memorandum of understanding to extend their cease-fire and while they were "not there yet," Washington was well placed to check Iran's ability to develop a nuclear weapon.

"There are a couple of issues on the nuclear stuff, the highly enriched stockpile and also the question of enrichment. We do think they're negotiating, at least so far, in good faith, and we're making some progress," Vance told reporters Thursday at Joint Base Andrews in Maryland.

"We're reopening the Strait of Hormuz, we've already decimated their conventional military and we're in a position where we could substantially set back their nuclear program, not just during the term of this president, but over the long term."

Vance said it was difficult to say if, or precisely when, President Donald Trump would sign the MOU as there was still some back and forth on some of the wording but added that while he couldn't promise agreement would be reached, he felt confident it would.