Iran, US, mediators suggest peace deal possible within days

A preliminary peace deal to end the three-month war in the Middle East could be signed within days, according to Iran, the US, and mediators. However, differing timelines and versions of the deal's text have emerged.

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We are closer to a peace deal than ever before … we are confident that this historic peace deal will form a strong foundation for lasting peace.

Pakistani Prime Minister Shehbaz Sharif stated on Saturday that Islamabad was preparing for an electronic signing within 24 hours, followed by technical talks next week. He expressed confidence that the deal would form a strong foundation for lasting peace. Conversely, Esmaeil Baghaei, an Iranian foreign ministry spokesperson, advised caution, noting that while the memorandum of understanding might not be signed on Sunday, the possibility of it happening in the coming days could not be ruled out.

The past few days have seen intense clashes between Iran, Israel, and the US, escalating since a ceasefire in April. US President Donald Trump initially threatened to seize Iran’s oil export terminal and launch new attacks, only to then claim a diplomatic breakthrough. Trump has repeatedly claimed a deal was imminent, only to revert to threats.

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We will have to wait and see about the exact date of the signing of the memorandum of understanding, although it will not be tomorrow. The possibility of this happening in the coming days cannot be ruled out.

Both US and Iranian officials are attempting to frame the potential deal as a victory. Iranian Foreign Minister Abbas Araghchi asserted on state television that the draft agreement demonstrated Iran's strength, declaring, "Iran is the winner of the war with the US." Shortly after these remarks, US forces intercepted Iranian drones heading toward the Strait of Hormuz, a critical oil and gas waterway that Iran had largely closed to shipping early in the conflict.

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Iran is the winner of the war with the US.

The proposed agreement reportedly includes reopening the strait and lifting the US naval blockade on Iranian ports, according to sources familiar with the talks. Negotiations concerning Iran's nuclear program are slated to occur afterward. Trump, however, dismissed a report by Iran's Mehr news agency detailing the draft deal's text, calling it untrue. According to Iranian officials and Mehr, the agreement would cease hostilities on all fronts, including Israel's offensive in Lebanon against Hezbollah, and unfreeze $24 billion of Iran's assets. It would also establish a 60-day period for nuclear program negotiations and suspend sanctions on Iran's oil and petrochemical exports, while allowing Iran to charge service fees for passage.

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According to Mehr and Iranian officials, the agreement would end conflict on all fronts, including Lebanon, where Israel has launched an offensive against Hezbollah, and ensure the release of $24bn (£18bn) of Iran’s frozen assets.