U.S. President Trump said a peace deal with Iran is "basically done" and he plans to announce it soon. "Among many other things in the agreement, the Strait of Hormuz will be open," Trump said in a social media post.
Earlier, Iran said that negotiations on a peace agreement with the United States were advancing. The talks focused on ensuring ceasefires on all fronts, and other key disputes would be finalized in subsequent stages.
Pakistan and several Arab states have been pushing for talks in recent days to try to broker a broader deal to extend a fragile ceasefire that has been largely in place for six weeks.
Trump held talks with advisers at the White House on Saturday, following calls with several Arab leaders and Israeli Prime Minister Benjamin Netanyahu to discuss what he called a "memorandum of understanding about peace."
"The agreement has been basically negotiated and is subject to finalization by the United States of America, the Islamic Republic of Iran and a number of other countries," he said.
Iran also stated that the final draft of the agreement text is under review. Iranian state television quoted Foreign Ministry spokesman Bagaei as saying: "In the past week, the negotiation process has been moving in the direction of convergence of opinions."
