US officials said the deal terms were largely agreed on Tuesday, Axios report, but both sides still need approval from senior figures.
The Memorandum will reportedly state that shipping through the strait of Hormuz will be "unrestricted" and Iran will have to remove all mines from the Strait within 30 days.
The US President said no single country would have control over the waterway, and appeared to threaten Oman, a country with which the United States has decades-long military and economic ties.
"It's international waters and Oman will behave just like everybody else or we'll have to blow them up. They understand that, they'll be fine," he said.
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