Talk of the new romance began last month, when Pete reportedly visited Phoebe in the UK, where she recently began filming on an upcoming project.
And last week, Us Weekly confirmed that the couple were "officially dating" and "going strong" despite the long distance.
"Pete and Phoebe are still going strong despite not being able to physically spend time together," a source told the outlet. "They keep in touch over text and FaceTime. Right now, they're just focused on work. They're not looking to rush things."