US-Iran News LIVE: Trump confirms ‘largely negotiated’ peace deal with Tehran, says ‘Strait of Hormuz will be opened'

US-Iran News LIVE: US President Donald Trump on Saturday announced significant progress in peace deal with Iran as he confirmed that the agreement would reopen the Strait of Hormuz, the strategic waterway through which one-fifth of the global oil exports takes place.

Suggesting that Washington "largely negotiated" memorandum of understanding with Tehran in coordination with Gulf countries, Donald Trump in a social media post on Truth Social stated, “I had a call with Prime Minister Bibi Netanyahu, of Israel, which, likewise, went very well. Final aspects and details of the Deal are currently being discussed, and will be announced shortly.”

This development comes after weeks of negotiation since the 8 April ceasefire. Hinting at the possibility of a permanent agreement, Trump did not share what else would be included in the peace deal. As the world grapples with energy crisis due to blockade of the Gulf Strait, he added, “In addition to many other elements of the Agreement, the Strait of Hormuz will be opened.”

Since the US-Iran war began on 28 February, crude oil prices have been extremely volatile and constantly under upward pressure due to uncertainty.

However, Iran's Fars news agency reported early on Sunday that Trump's assertion on the strait was "inconsistent with reality." It further noted that the agreement would allow Tehran to manage the critical waterway between the Persian Gulf and the Gulf of Oman.

After Iran's top officials met Pakistan's Field Marshal Asim Munir, Tehran on Saturday said on that it was working toward a memorandum of understanding on ending the war. The Pakistani official visited Iran as a part of ongoing mediation efforts. Two Pakistani sources familiar with the matter informed Reuters that he talks said the deal being negotiated is "fairly comprehensive to terminate the war" while the Pakistani army claimed that the negotiations had resulted in "encouraging" progress.

Meanwhile, Pakistani Prime Minister Shehbaz Sharif in a post on X praised Trump for his “extraordinary efforts to pursue peace.”

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