According to TV Channel 12, the compromise proposal implies that vessels entering the Persian Gulf through the Strait of Hormuz will stay in Iran’s territorial waters while vessels exiting the waterway will pass through Oman’s territorial waters

US President Donald Trump said negotiators could reach a deal soon which would result in "the Immediate, Complete and Total" reopening of the Strait of Hormuz.

He added that Israel has agreed to join the U.S. in the commitment to try to complete the agreement with Iran.

Mr Trump said on Sunday morning that Iran and other Middle Eastern countries had asked him to hold off on the attack.