Iran war: Donald Trump says deal 'largely negotiated'

What you need to know

• US President Donald Trump says a deal with Iran is close but is still 'subject to finalization'
• Trump says the draft agreement will include the reopening of the Strait of Hormuz 
• Iran, however, says Trump's claims are 'incomplete and ⁠inconsistent ​with reality'

Here is a roundup of the latest developments from the Iran war and the wider Middle East on Sunday, May 24: 

Iran says it will retain control of Strait of Hormuz

Iran said Sunday that it would continue to control the Strait of Hormuz, after US President Donald Trump said a draft agreement included the reopening of the crucial waterway.

Iranian state media also dismissed Trump's claim that the deal was "largely negotiated" as "incomplete and ⁠inconsistent ​with reality."

Earlier on Saturday, Iranian Foreign Ministry spokesperson Esmail Baqaei had described the draft proposal as a "framework agreement" that would require a further "30 to 60 days" to discuss further details before a "final agreement is reached."

A fifth of the world's oil and gas supplies flowed through the Strait of Hormuz before the war.

Iran effectively closed the strategic passage shortly after the US and Israel launched their joint operation against Iran in late February. 

In recent weeks, Tehran and Washington have imposed reciprocal naval blockades in the Strait.

The effective closure of Hormuz has severely disrupted global energy supplies, causing oil prices to surge and stock markets to plummet.

Trump says 'largely negotiated' deal includes Strait of Hormuz reopening

US President Donald Trump has said that a deal to end the war with Iran has been "largely negotiated."

In a post on his Truth Social platform on Saturday, Trump said the draft agreement includes opening the Strait of Hormuz, which has effectively been closed since the outbreak of the war.

"In addition to many other elements of the Agreement, the Strait of Hormuz will be opened," Trump said, without specifying what the deal's "other elements" entailed.

"An Agreement has been largely negotiated, subject to finalization between the United States of America, the Islamic Republic of Iran, and the various other Countries," Trump said in the social media post.

The US president said he had spoken with leaders from Saudi Arabia, the United Arab Emirates, Qatar, Egypt, Jordan and Bahrain, as well as Turkey and Pakistan. He added that he had spoken separately with Israeli Prime Minister Benjamin Netanyahu.

"Final aspects and details of the Deal are currently being discussed, and will be announced shortly," Trump said, without providing an exact timeline.

Trump's optimistic statement came hours after he had told US outlet Axios that the chance of a deal was a "solid 50/50" while threatening to blow Iran "to kingdom come" if the talks fail.

Welcome to our coverage

After nearly three months of little to no progress on a deal with Iran, US President Donald Trump struck a more optimistic note on Saturday, suggesting a deal was close to being agreed.

While Iran acknowledged that a "framework agreement" was in place, it warned that significant gaps still stand in the way of a permanent resolution to the conflict.

If confirmed, the deal would end a more than 12-week impasse that has seen Pakistan-mediated negotiations make little to no progress.

The US and Iran have been deadlocked since agreeing to a ceasefire in early April. 

Stay tuned as we bring you the latest on the talks between Washington and Tehran, as well as other developments from the Middle East.