An agreement between the U.S. and Iran could be hours away, Secretary of State Marco Rubio said on Sunday during a visit to India.

“I do think perhaps there is the possibility that in the next few hours the world will get some good news,” he said.

Washington and Tehran have been observing a ceasefire since April 8 after the U.S. and Israel launched joint military operations against the Iranian regime on Feb. 28.

According to reports on the emerging memorandum of understanding, the agreement would see the Strait of Hormuz reopen and the start of talks on numerous points of dispute.