President Donald Trump on Thursday said the US had reached a “great settlement” to end the war with Iran and that the agreement could be formally signed within days.
Mr Trump has previously boasted that a deal with Iran was close at hand, only for Tehran to reject the claims.
But Mr Trump seemed confident this time could be different, suggesting a deal could be signed as soon as this weekend, possibly in Europe.
“We just made a great settlement of the war with Iran and we’re going to be subject to finalisation of documents,” he told reporters in the Oval office.
Mr Trump said that the Strait of Hormuz would reopen immediately after an agreement is signed.
“The strait will officially open as soon as we sign, which could be soon, very soon, maybe over the weekend in Europe,” he said.
His comments come after days of conflicting signals over diplomacy and military action, including repeated threats of renewed strikes and announcements that a broader agreement with Tehran was close.
Mr Trump added that he had spoken with Israeli Prime Minister Benjamin Netanyahu, as well as leaders in the UAE, Qatar, Saudi Arabia, Bahrain and Kuwait. He added that he would be speaking with Turkish President Recep Tayyip Erdogan soon.
Mr Netanyahu said Israel was not part of the emerging deal between the US and Iran, but he praised Mr Trump's efforts.
"Even though Israel is not a party to the memorandum of understanding, the Prime Minister expressed his appreciation for President Trump’s commitment that the final agreement ... will include the removal of enriched material [uranium], the dismantling of enrichment infrastructure, limits on missile production and the cessation of Iran’s support for its terrorist proxies in the region," Mr Netanyahu's office said in a statement.
Tehran cautioned that it has not reached a final consensus on a deal with the US. A representative for Iran's Ministry of Foreign Affairs said the status of negotiations was "clear to us from the beginning and the final text was largely settled, but the Americans kept changing their positions".
"Items mentioned regarding the agreement are speculation and have not been finalised," the official added, noting that Pakistan and Qatar are currently active as intermediaries.
"So far, Iran has not reached a final consensus on the agreement."
Asked if Iran's supreme leader Ayatollah Mojtaba Khamenei had approved the deal, Mr Trump answered: "I understand the answer is yes."
He said Vice President JD Vance, special envoy to the Middle East Steve Witkoff, and his son-in-law Jared Kushner would be attending the signing.
Earlier on Thursday, Mr Trump had cancelled yet another threatened round of strikes on Iran, saying that a deal was close to being finalised.
It came after the US attacked Iran for a second consecutive day, striking targets across the country as Tehran fired back at American bases in the region.
"Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening," Mr Trump wrote on Truth Social.
"Discussions and final points have been, in both concept and great detail, approved by all parties involved."
He added that the naval blockade of Iranian ports would continue until the "transaction" is concluded.
Previously, Mr Trump said that the US would be "hitting Iran … very hard tonight". He also said the US could soon move to seize Kharg Island – Iran’s main oil export terminal – along with other energy assets.
“At some point in the not-too-distant future, we will be taking Kharg Island and other oil infrastructure points, and assume total control of their oil and gas markets,” he wrote.
Kharg Island is Iran’s most important oil export centre and handles the overwhelming majority of the country’s crude shipments.
Mr Trump compared the proposal to Washington's policy towards Venezuela where, in January, the US captured Venezuelan leader Nicolas Maduro and took control of the country's petroleum resources.
Mr Trump told Fox News that the strikes would continue if Tehran does not capitulate in negotiations.
The US and Iran agreed to a ceasefire in early April after Mr Trump launched the war, along with Israel, on February 28. Repeated breaches by both sides and Israel have complicated continuing negotiations.
