Despite U.S. Central Command's assertion of an "egregious ceasefire violation" overnight by Iran, the existing ceasefire between Iran and the U.S. remains in place, a U.S. source confirmed on Thursday.

The ceasefire, which has officially been in place since April 8, has not stopped both countries from periodically exchanging fire. The president has repeatedly asserted that the ceasefire remains in effect in spite of those exchanges, describing one such strike against Iran in early May as just a "love tap" to ABC News and denying that the ceasefire was over.

"No, no, the ceasefire is going. It's in effect," he said at the time.

Later that day, Trump said the world will know when the ceasefire is over when it sees "one big glow coming out of Iran."

-ABC News' Nicholas Kerr and Rachel Scott

American and Iranian negotiators believe they have arrived at a draft agreement to formally extend the ceasefire and gradually open the Strait of Hormuz that can win the support of both countries, but President Donald Trump and Iran’s Supreme Leader Mojtaba Khamenei have not yet given their final stamps approval -- meaning there is no deal at this point, according to two U.S. officials and another source with knowledge of the negotiations.

Both Trump and Iranian leadership have rejected deals in the late stages of negotiations before. The U.S. officials also say the Trump administration is still concerned about the fractured Iranian regime’s ability to coalesce behind any agreement, but that high-level Iranian officials have indicated the regime can accept the terms that are currently on the table.

U.S. sources also confirmed that U.S. and Iranian negotiators have reached a deal, but it still needs Trump’s final approval, which was first reported by Axios.

The U.S. officials confirm that the president has been briefed on the draft memorandum of understanding, and say it would see the Strait of Hormuz fully opened over the course of 60 days -- with Iran loosening its grip on the waterway and the U.S. pulling back its naval blockade in synchronized steps until the strait returns to its pre-war status quo.

-ABC News' Shannon K. Kingston

Treasury Secretary Scott Bessent said the U.S. continues to target the Iranian regime, saying its troops are not getting paid, the police are not reporting for work and Kharg Island is shut down.

"The Iranian economy and currency are in free fall. Iran’s Persian Gulf Strait Authority (PGSA) is a joke, and today Treasury has sanctioned it. We have warned any corporate or state entities against paying tolls or hiding them as aid payments," Bessent said in a post on X Thursday.

"Forming a Wall of Steel, the U.S. Naval Blockade has ensured a record low amount of Iranian crude on the water. We will also be shutting down both Iranian airlines’ access to landing spots, refueling, and ticket sales. Only a satisfactory outcome in negotiations will end the downward spiral," he said.

The Israel Defense Forces said Thursday that it struck more than 135 alleged Hezbollah targets across Lebanon over the previous 24 hours.

The targeted areas included Tyre and other parts of southern Lebanon as well as the Beqaa Valley in the east, according to the IDF. The IDF also confirmed a new strike in Beirut on Thursday.

Overnight, the IDF issued more forced evacuation warnings to residents of Lebanon, specifically the city of Tyre and Zaqqoq Al-Mufdi in the south of the country.

A spokesperson for the Israel Defense Forces told ABC News that the target in Thursday's strike on Beirut was a senior Hezbollah missile unit commander.

-ABC News' Morgan Winsor

Mohsen Rezaei, a military adviser to Iran's supreme leader, said on X Saturday morning that U.S. President Donald Trump is "betraying diplomacy."

"As predicted, the President of the United States is betraying diplomacy for the third time," Rezaei said. "By continuing the naval blockade and making excessive demands in negotiations, he has once again proven that he is not inclined toward negotiation and is pursuing other objectives."

-ABC News' Rashid Haddou