US and Iran reach ceasefire extension deal pending Trump’s final approval

U.S. and Iranian negotiators have reached an agreement on a 60-day memorandum of understanding extending the current ceasefire and launching negotiations on Iran's nuclear program, but the deal still needs President Donald Trump's final approval, U.S. sources confirmed to Fox News.

The deal follows weeks of talks threatened by heightened tensions after the U.S. engaged in defensive strikes on Iran.

The U.S. first launched "self-defense strikes" in southern Iran on Monday, with U.S. Central Command (CENTCOM) claiming the U.S. targeted Iranian boats spotted laying mines in the Strait of Hormuz. CENTCOM also claimed an Iranian missile had targeted U.S. warplanes. 

The U.S. responded by eliminating both Islamic Revolution Guards Corps (IRGC) boats spotted laying the mines and a surface-to-air (SAM) missile site in Bandar Abbas, U.S. officials previously told Fox News. 

The U.S. then shot down an array of Iranian drones in the Strait of Hormuz on Wednesday shortly before Iran launched a ballistic missile strike on U.S. ally Kuwait. Though Kuwaiti forces successfully intercepted the missile, CENTCOM called the launch an "egregious ceasefire violation."

Trump on Wednesday said Iran was "negotiating on fumes" and that the sides hadn't yet reached a deal. 

"So far they haven't gotten there. We're not satisfied with it, but we will be, we will be. Either that or we'll have to just finish the job," he warned.

Axios first reported about the memorandum of understanding being reached earlier Thursday.

Fox News' National Security Correspondent, Jennifer Griffin contributed to this report.

This is a developing story. Please check back for updates.