Qatar is now involved in mediating between the US and Iran, even as Iran has been attacking UAE for weeks. All the GCC states are telling the US to wrap it up and move on. Trump is bored with the war and wants to change the political focus to red meat M#GA issues as midterms approach. The US may go along with Iran's structure of putting in place a memorandum of understanding that puts into place a permanent cease fire, opens the strait and maybe gives Iran some frozen funds or pulls back some sanctions (probably on oil at least) and then requires the parties to continue to meet and negotiation over nukes and the other big issues.
The big question is whether Israel will go along or will launch its own attacks to try and blow up any deal. The Knesset voted to dissolve parliament, triggering elections in Israel. The ultra orthodox have bailed on Netanyahu over his failure to move legislation making it clear that ultra orthodox Jews are exempt from military service. Currently, it is an unwritten rule but many Israelis are sick of the haredi getting paid by the government to sit around and study the Talmud while everyone else has to do their mandatory military service. Odds are that Netanyahu will not be able to form a coalition to stay in power without the ultra orthodox on his side. Naftali Bennett is likely to win with his new Together party. Bennett is an ultra nationalist and talks a lot of talk that puts him to the right of Netanyahu. But many believe that he is more pragmatic and just talks the ultra nationalist talk for political reasons.
It is also interesting to note a recent report showed that the US used its missile defenses to take down the lion share of the incoming Iranian missiles headed for Israel. Israel's missile defenses are still well stocked while the US supplies have been significantly depleted.