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A memorandum of understanding between the United States and Iran is likely to be signed early next week, opening the way for further negotiations on a long-term agreement, CBS News reported Thursday.
US President Donald Trump told reporters he had called off new military strikes on Iran, citing a peace deal approved by "all parties involved," and said the Strait of Hormuz, closed since late February, would reopen the moment a deal is signed.
Final details, he added, would be resolved within days, with signing expected in Europe, possibly over the weekend. Trump said he would not attend, but that Vice President JD Vance and envoy Steve Witkoff would represent the United States.
Iran's state news agency Fars reported a high likelihood of Tehran approving the agreement. Even so, Iranian officials publicly denied any deal existed. Israel said it was not party to any such agreement.
Iran's circulating proposal calls for a comprehensive ceasefire on all fronts, including Lebanon, full Israeli withdrawal from occupied territories, gradual sanctions relief and release of frozen funds, U.S. troop withdrawal, and an end to the American naval blockade.
Notably, the proposal explicitly excludes the nuclear issue from the initial agreement.
That sits in direct tension with Trump's public framing. "We have reached an agreement that prevents Iran from possessing a nuclear weapon," he said, adding the settlement was contingent on finalizing terms "in the coming days."
Iran declared the Strait of Hormuz closed to commercial and military traffic in late February following escalation of hostilities with the U.S. and Israel. The waterway carries roughly 20 percent of global petroleum and liquefied natural gas annually.
Since the closure, crude oil shipments through Persian Gulf ports have fallen by an estimated 95 percent and LNG transits by 99 percent, driving up fuel prices globally.
Trump confirmed calls with Israeli Prime Minister Benjamin Netanyahu and the leaders of Qatar, the UAE, Türkiye, and Saudi Arabia ahead of the announcement.
The memorandum, a one-page document drafted by Witkoff and envoy Jared Kushner alongside Iranian officials, would set a 30-day framework for more detailed nuclear negotiations, according to officials familiar with the matter.
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