US and Iran negotiators in New York are considering a possible agreement to phase out the war.

According to the foreign news agency, under the proposed agreement, Iran will reopen the Strait of Hormuz, while the US will end the economic blockade imposed on Iran.

The news agency says that after several months of war, the two countries are evaluating the possibility of a phased agreement.

Iran is signaling flexibility on the issue of tariffs, but remains firm on the Strait of Hormuz issue.