US President Donald Trump maintains that an Iran peace deal is imminent amidst the crisis surrounding the closure of the Strait of Hormuz. The Islamic Republic, meanwhile, maintains that a deal is unlikely to be signed today.
Trump's comments on Saturday came hours after Pakistan indicated that the United States and Iran were in the final stage of negotiations and that an electronic signing ceremony for the agreement was scheduled for Sunday.
However, there has been no immediate comment from Iran on the reported timeline.
"The Deal is scheduled to get signed tomorrow, and immediately after it is signed, the Hormuz Strait is OPEN TO ALL," Trump said in a post on Truth Social, signalling what could be a major diplomatic breakthrough after months of conflict and negotiations.
At the same time, Trump kept the threat of fresh attacks dangling if the deal failed to pan out as expected.
"We look forward to working with Iran, and the entire Middle East, long into the future. Hopefully, this process will all work out quickly, easily, and smoothly. If it doesn't, we have the ultimate alternative, hopefully never to be used again," he said.
For those watching the developments closely, here are the five latest updates:
1. A senior Iranian official reportedly told news agency Reuters a final draft of the memorandum of understanding with the US includes US waivers on oil sanctions, Tehran’s nuclear work and the reopening of the Strait of Hormuz. The final deal is to be discussed in the 60 days following agreement by the two sides, the report quoted the official as saying.
2. In return for Iran immediately reopening the Strait of Hormuz to all commercial frigates and vessels, the US will lift its naval blockade on Iranian ports, The Times of Israel said in a report.
3. As per the MoU, Iran will not make or buy any nuclear weapons. In return, the US will release $25 billion of Iran’s frozen assets. Washington will also agree not to impose any new sanctions on Iran until a final deal is reached.
4. As per the Israeli media, the US will permit Tehran to dilute its highly enriched uranium stockpile within the country. A mechanism for doing so will be discussed within two months.
5. The sanctions on Iran's oil supply will be waived only for a fixed period and not permanently. The limited window will let Iran sell enough barrels to raise some emergency revenue. It was unclear for how long this specific window will remain open and what will happen afterwards.
