Nuclear issues are central to the ongoing negotiations.
President Donald Trump announced "major combat operations" against Iran on Feb. 28, with massive joint U.S.-Israeli strikes targeting military, government and infrastructure sites.
Following the announcement of a two-week ceasefire, initial U.S.-Iran talks in Pakistan in April failed to reach a peace deal.
Trump later announced the open-ended extension of the ceasefire and the continuation of a U.S. blockade until negotiations are concluded "one way or the other."
Speaking at a cabinet meeting on Wednesday, President Donald Trump said the Iranians "want very much to make a deal," but an agreement hasn't been reached yet.
"We're not satisfied with it, but that we will be. Either that or we'll have to just finish the job," Trump said.
"Iran cannot have a nuclear weapon. I'm doing that for the world. I'm not doing it just for us," Trump said.
The White House addressed reports on an initial memorandum of understanding between the U.S. and Iran on Wednesday, saying that negotiations are "proceeding nicely" and that the president would only make a deal "which must ensure that Iran can never have a nuclear weapon."
“As President Trump has said, negotiations are proceeding nicely and he has made his redlines clear. President Trump will only make a good deal for the American people, which must ensure that Iran can never have a nuclear weapon," White House spokesperson Olivia Wales said in a statement when asked about the reports.
-ABC News' Nicholas Kerr
Iranian State TV has released details of what it said is in a possible Memorandum of Understanding between Iran and U.S., but aknowledged the agreement has not yet been finalized.
As part of the agreement, U.S. military forces will withdraw from the surrounding environment of Iran, and the naval blockade of Iran will be lifted, Iranian State TV said.
In return, Iran has committed to restoring the number of commercial transit ships to pre-tension levels within one month. Military vessels are not included in this agreement, according to Iranian State TV.
The management and routing of ship traffic will be carried out jointly by Iran and with the cooperation of Oman, according to Iranian State TV.
If a final agreement is reached within a 60-day period, the deal will be confirmed through a binding United Nations Security Council resolution, according to Iranian State TV.
The White House Rapid Response account railed against the reports of an initial memorandum of understanding between the U.S. and Iran, claiming it to be "not true" and a "complete fabrication."
"This report from Iranian controlled media is not true and the MOU they 'released' is a complete fabrication. Nobody should believe what Iranian state media is putting out. FACTS MATTER," the Rapid Response X account said, in response to a Fox News broadcast detailing the report of the alleged document.
Israeli attacks killed at least 31 people and wounded 40 others in Lebanon on Tuesday, according to the Lebanese Ministry of Public Health, as Israel said it was "deepening" its military operation there.
Four children were among the dead and 10 other children were among the injured, the health ministry said.
Since March 2, Israeli forces have killed at least 3,213 people and wounded another 9,737 across Lebanon, according to the latest tally from the health ministry. The continued killings come despite a U.S.-brokered ceasefire agreed between Lebanese and Israeli leaders in April.
Israel claims its strikes are targeting Hezbollah fighters and infrastructure, but Lebanese officials have reported many civilians among the casualties.
On Wednesday, Israel Defense Forces spokesperson Avichay Adraee issued a new evacuation order for the southern Lebanese city of Nabatieh, warning that the IDF intended to act "forcefully" against alleged Hezbollah targets in the area.
Hezbollah, meanwhile, continues its attacks on Israeli forces prosecuting Israel's ground campaign inside southern Lebanon. The Iran-backed group is also regularly launching longer-range attacks into northern Israel.
-ABC News' Morgan Winsor
