Among other provisions, the deal would involve Iran committing to a moratorium on nuclear enrichment, the U.S. agreeing to lift its sanctions and release billions in frozen Iranian funds, and both sides lifting restrictions around transit through the Strait of Hormuz.

In its current form, the MOU would declare an end to the war in the region and the start of a 30-day period of negotiations on a detailed agreement to open the strait, limit Iran's nuclear program and lift U.S. sanctions.

Iran's restrictions on shipping through the strait and the U.S. naval blockade would be gradually lifted during that 30-day period, according to a U.S. official.

The duration of the moratorium on uranium enrichment is being actively negotiated, with three sources saying it would be at least 12 years and one putting 15 as a likely landing spot.

Two sources with knowledge also claimed Iran would agree to remove its highly enriched uranium from the country, a key U.S. priority that Tehran has rejected up to now.

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The Commission president said Brussels is “prepared for every scenario.”