US President Donald Trump said he had paused a potential major military attack on Iran.
He said the United States and Israel would not launch further strikes if a swift agreement were reached.
Trump said Iran and several Middle Eastern countries had initiated efforts to end the conflict.
No terms of a possible agreement or identities of any mediators were specified.
Tehran rejected Trump’s claim and said it would respond to any new attack by the United States or Israel.
Iran also warned that energy facilities in the Gulf could be targeted if further attacks occurred.
Saudi Crown Prince Mohammed bin Salman had urged Trump not to launch a new attack, the accounts said.
Political analyst Ali Shihabi said Saudi Arabia considered further escalation ineffective and favoured diplomacy while maintaining pressure on Iran in the Strait of Hormuz.
The accounts described the Strait of Hormuz and Red Sea shipping as unstable, amid concern over risks to energy flows and commercial navigation.