US, Iran reach near-final deal to end war

President Donald Trump said Thursday that a memorandum of understanding on a truce and end to the war with Iran is in its final stages, and that a signing ceremony could take place in Europe this weekend. Iran said a final decision had not yet been made but that approval was likely. New York stocks surged across the board and oil prices fell sharply after Trump abruptly canceled planned airstrikes and declared a deal with Iran was imminent.

Speaking at a proclamation signing ceremony at the White House, Trump said, "We just made a great deal with respect to the war with Iran," adding that only final document coordination remained.

"It will be wrapped up in the next few days, and there will probably be a signing ceremony in Europe," he said. "It could be this weekend, and Vice President JD Vance will attend on behalf of the United States."

Asked whether Iran's supreme leadership had given its approval, Trump said, "As I understand it, yes."

Earlier that morning, Trump had threatened additional strikes against Iran, warning on his Truth Social account that stronger attacks were coming. Hours later, however, he reversed course, saying he had received a report that Iran's supreme leadership had approved the deal, and canceled the planned operation. "I have canceled the airstrikes and bombing scheduled for tonight," he said. "Now all that's left is the signing."

If a deal is finalized, the Strait of Hormuz is expected to see the most immediate change. Trump said the strait would open the moment the agreement is signed and that the US maritime blockade of Iran would also be lifted as part of the deal. "It could be Saturday," he added.

Trump also said the most important element of the agreement was Iran's commitment never to possess nuclear weapons. "Iran will not purchase or develop nuclear weapons in any way, shape or form," he said. He described the MOU as "a very powerful and detailed document," while also calling it "somewhat conceptual."

Iran, however, distanced itself from Trump's characterization. Foreign Ministry spokesperson Esmail Baghaei told the state-run IRNA news agency that "nothing has been finalized yet" and that reports about the timing and location of a signing ceremony were "all speculation." He acknowledged that much of the draft agreement had been worked out but said the US side had changed its position multiple times during negotiations.

Iran's semi-official Fars News Agency also reported that a preliminary draft MOU had not yet received final approval from the country's supreme leadership. However, Fars said the US had accepted a significant portion of Iran's demands and assessed the likelihood of final approval as high. CBS News, citing multiple sources, reported that the US and Iran were likely to sign an MOU or letter of intent as early as early next week.