The United States and Iran are closer than ever to reaching a comprehensive agreement aimed at ending their conflict, with draft terms outlining sweeping changes to sanctions, Iran’s nuclear programme and regional security arrangements, according to a senior US official and multiple sources.

The proposed deal would include the reopening of the Strait of Hormuz and provisions addressing Iran’s nuclear programme, including the removal and destruction of its stockpile of highly enriched uranium under an international inspection regime, the US official said.

Under the framework, Iran would be allowed to maintain a civilian nuclear energy programme but would be prevented from developing nuclear weapons.

The US official said the agreement would ensure long-term regional stability while respecting Iran’s sovereignty.

“If all terms are met, the US would ease sanctions on Iran and allow it to reintegrate into the global economy,” the official said, adding that Tehran would be “relieved of the economic pressures” it has faced for years.

Separate draft details described by multiple sources suggest the US would also release billions of dollars in frozen Iranian assets and lift sanctions on Iranian oil exports in exchange for the reopening of the Strait of Hormuz.

The nuclear issue would be addressed over a 60-day negotiating period, with proposals also reportedly including discussions on potential war reparations for Iran and the removal of US demands for limits on Tehran’s missile programme — an account disputed by US officials.

The agreement, if finalised, would include strict verification measures to ensure long-term compliance, officials said.

Diplomatic discussions are also underway over the venue for signing the deal.

The Swiss foreign ministry said it has been in contact with both sides and has proposed Switzerland as a possible location should the parties agree.

Iranian Foreign Minister Abbas Araghchi said that once finalised, the agreement would likely be signed remotely, possibly in the coming days.