US President Donald Trump wrote on Saturday that a memorandum of understanding on a peace deal with Iran is “largely negotiated,” as both countries and mediators in Pakistan reported progress.

Trump posted on social media that the emerging agreement would reopen the Strait of Hormuz, the vital shipping passage whose closure upended global energy markets after the conflict started in February when the US and Israel launched strikes on Iran.

Trump did not say what else would be included in an agreement. “Final aspects and details of the Deal are currently being discussed, and will be announced shortly,” Trump said.

Iran’s Fars news agency reported early on Sunday that the agreement would allow Iran to manage the Strait of Hormuz. It said Trump’s assertion that an agreement was nearly final was “inconsistent with reality.”

Iran had said earlier on Saturday that it was working toward a memorandum of understanding laying out an approach to ending the war after its top officials met with Pakistan’s Chief of Defence Forces (CDF) and Chief of Army Staff (COAS) Field Marshal Asim Munir.

The Inter-Services Public Relations (ISPR) said that the negotiations had resulted in “encouraging” progress towards a final understanding. Two Pakistani sources involved in negotiations said the deal being negotiated is “fairly comprehensive to terminate the war.”

Sources have told Reuters the proposed framework would unfold in three stages: formally ending the war, resolving the crisis in the Strait of Hormuz and launching a 30-day window for negotiations on a broader agreement, which can be extended.

Earlier on Saturday, Trump told Axios that he expected to decide on Sunday whether to resume attacks on Iran. “Either we reach a good deal or I’ll blow them to a thousand hells,” Axios quoted him as saying.

One of the Pakistani sources said there was no guarantee the US would accept the memorandum; if it does, it would lead to further talks after the Eid holiday ends on Friday.

Trump to speak with Middle East leaders

Trump, whose approval ratings have been hit by the war’s impact on energy prices for US consumers, said on Friday he would not attend his son’s wedding this weekend, citing Iran among the reasons he planned to stay in Washington.

Trump wrote on his Truth Social platform that he had a phone call on Saturday with leaders from Saudi Arabia, Qatar, the United Arab Emirates, Jordan, Egypt, Turkey and Pakistan. Axios reported that the leaders encouraged Trump to agree to the emerging framework.

Pakistan has aimed to narrow differences between Iran and the US after weeks of war have left the vital Hormuz waterway closed to most shipping despite a nervous ceasefire.

US Secretary of State Marco Rubio earlier on Saturday reiterated Trump’s terms for ending the fighting. “Iran can never have a nuclear weapon. The straits need to be open without tolls. They need to turn over their enriched uranium.”

Rubio, who is visiting India, said some progress had been made and work was continuing.

“Even as I speak to you now, there’s some work being done. There is a chance that, whether it’s later today, tomorrow, in a couple days, we may have something to say,” Rubio told reporters in New Delhi.

US Vice President JD Vance returned to the White House on Saturday afternoon, cutting short a trip to Ohio.

Iran denies it is pursuing nuclear weapons and says it has a right to enrich uranium for civilian purposes. It has demanded supervision of the strait, an end to the US blockade on its ports and the lifting of sanctions on Iranian oil sales.

“The trend this week has been towards a reduction in disputes, but there are still issues that need to be discussed through mediators. We will have to wait and see where the situation ends in the next three or four days,” said Iranian Foreign Ministry spokesperson Esmail Baghaei.

Baghaei said the issue of the US blockade on Iran’s shipping was important, but that its priority was ending the threat of new US attacks and the ongoing conflict in Lebanon, where Iran-allied Hezbollah is fighting Israeli troops who have moved into the south.

CDF Munir left Tehran on Saturday after talks with Iran’s top negotiator Mohammad Baqer Qalibaf and Foreign Minister Abbas Araqchi.

Qalibaf said Iran would pursue its “legitimate rights,” both on the battlefield and through diplomacy, but added that it could not trust “a party that has no honesty at all,” an allegation Iran has made several times before.

He said Iran’s armed forces had rebuilt their capabilities during the ceasefire and that, if the US “foolishly restarts the war,” the consequences would be “more forceful and bitter” than at the start of the conflict.

Despite weeks of conflict, Iran has preserved its stockpile of near-weapons-grade enriched uranium as well as missile, drone and proxy capabilities.

More than three months after the United States and Israel launched a war against Iran, renewed hopes have emerged that the conflict may soon come to an end.

The war has affected not only the countries directly involved but also the global economy, as the closure of the Strait of Hormuz has pushed oil prices to historic highs, fuelled inflation, and hampered economic growth worldwide.

Pakistan, the key mediator, has intensified its diplomatic efforts in recent days, with Interior Minister Mohsin Naqvi and Chief of Army Staff (COAS) and Chief of Defence Forces (CDF) Field Marshal Asim Munir visiting Iran.

Following these developments, Donald Trump said Washington and Tehran had “largely negotiated” a memorandum of understanding on a peace deal that would lead to the reopening of the Strait of Hormuz.

While global leaders issued statements after these developments, details are emerging of the proposed deal that would see an end to the hostilities.

The following are the details that have been reported so far:

• Axios says US and Iran are close to signing a deal involving a 60-day ceasefire extension.
• Axios says during this period, Strait of Hormuz will be reopened.
• Axios says Iran would be able to freely sell oil and negotiations would be held on curbing Iran’s nuclear programme.
• Axios says during period, the Strait would be open with no tolls and Iran would agree to clear the mines it deployed in the strait to let ships pass freely.
• Axios says in exchange US would lift its blockade on Iranian ports and issue some sanctions waivers to allow Iran to sell oil freely.
• Iran’s Tasnim news agency says in potential MoU between Iran and US, Washington will waive sanctions on Iran oil.
• Tasnim says MoU emphasises end of war on all fronts including Lebanon.
• Tasnim says a 30-day period will be allocated for procedures related to Strait of Hormuz and end of blockade.
• Tasnim says a 60-day period will be set for nuclear talks.
• Tasnim says Iran has not yet accepted any actions on its nuclear file.
• Tasnim says according to potential MoU with US, part of Iran’s frozen funds must be released in first phase.
• Tasnim says Iran has emphasised that any initial MoU is conditional on the release of at least part of these assets in a way that our country can access them.
• Tasnim says the mechanism for releasing the other part of frozen assets must be specified during the negotiations process.
• Tasnim says if deal is reached with the US, the state of the Strait of Hormuz will not return to pre-war conditions.
• Tasnim says the number of ships able to transit the Strait of Hormuz will return to the pre-war level in a 30-day period.
• Tasnim says Iran emphasises the exercise of its sovereignty over the Strait of Hormuz in various ways, the details of which will be announced.
• Tasnim says the naval blockade must be completely lifted within 30 days, according to the understanding.
• Tasnim says if the naval blockade is not lifted, no change will occur in the Strait of Hormuz.
• Tasnim says any changes in the passage and navigation through the Strait are conditional upon the implementation of other commitments by the US in the MoU.
• Tasnim says the US commitment to withdraw its forces from Iran’s surroundings is another point emphasised by Tehran in the potential MoU.
• Tasnim says conflict over two or three clauses of the MoU between Iran and US still persists.
• Tasnim citing a source with knowledge: if US continues creating obstacles, there will be no possibility of reaching a final understanding.

— Additional input from Reuters

• US to ‘lift’ blockade on Iranian ports under agreement.
• Sanctions waivers to ‘allow’ Iranian oil exports again.
• Iran ‘commits’ to not pursue nuclear weapons capability.
  

The United States and Iran are close to signing a deal involving a 60-day ceasefire extension, during which the Strait of Hormuz would be reopened, Iran would be able to freely sell oil, Axios reported on Saturday, citing a US official.

According to the report, negotiations would be held on curbing Iran’s nuclear programme, and during the 60-day period, the Strait of Hormuz would be open with no tolls. Iran would agree to clear the mines it deployed in the strait to let ships pass freely, the source added.

In exchange, as part of the proposed deal, the US would lift its blockade on Iranian ports and issue some sanctions waivers to allow Iran to sell oil freely, the report added.

The draft agreement also includes commitments from Iran to never pursue nuclear weapons and to negotiate over a suspension of its uranium enrichment programme and the removal of its stockpile of highly enriched uranium, the Axios report said.

Iran gave the US, through the mediators, verbal commitments about the scope of the concessions it’s willing to make on suspending enrichment and giving up the nuclear material, two sources told Axios.

The US would also agree to negotiate over lifting sanctions and unfreezing Iranian funds during the 60-day period, the Axios report said.

The White House did not immediately respond to Reuters’ request for comment on the report.

Meanwhile, US President Donald Trump said that a “largely negotiated” memorandum of understanding on an Iran peace deal would reopen the Strait of Hormuz.

Trump posted on social media that the emerging agreement would reopen the strait, the vital shipping passage whose closure has sparked a global energy crisis since the US and Israel launched the war on Iran in February. He did not say what else would be included in an agreement.

“Final aspects and details of the Deal are currently being discussed, and will be announced shortly,” Trump wrote on Truth Social.

U Secretary of State Marco Rubio, on a visit to India, said more news on Iran could come on Sunday and there was a possibility of good news on the strait over the next few hours.

‘Issues still need to be discussed’

Separately, Iran has said that diplomatic discussions this week have shown progress toward easing tensions, although several important issues still require further negotiation through mediators.

“The trend this week has been towards a reduction in disputes, but there are still issues that need to be discussed through mediators. We will have to wait and see where the situation ends in the next three or four days,” said Iranian Foreign Ministry spokesperson Esmail Baghaei.

Baghaei said the issue of the US blockade on Iran’s shipping was important, but that its priority was ending the threat of new US attacks and the ongoing conflict in Lebanon, where Hezbollah are fighting Israeli troops who have moved into the south.