US-Iran to finalise deal in days, but not today

The United States (US) and Iran signaled that an agreement to end their war was close, with a senior US administration official saying both sides had agreed on a text and that Washington expects to sign an initial deal in coming days.
Iranian Foreign Minister Abbas Araqchi said that while changes in the deal were still possible, the tentative agreement showed his country had emerged stronger from the conflict.
"Iran is the winner of the war with the US," he said on state television on Friday.
Hours after those remarks, US forces shot down multiple Iranian one-way attack drones heading toward the Strait of Hormuz, a source familiar with the matter, on condition of anonymity, told Reuters.

What is in the deal?

The proposed deal calls for reopening the strait, which Iran closed after the war started, and lifting the US naval blockade on Iranian ports, sources on all sides of the talks said. Negotiations over Iran's nuclear program, US President Donald Trump's stated rationale for starting the war, would take place afterwards.
A US official, speaking on condition of anonymity, told reporters on Friday that the deal met Trump's core objectives and put negotiations "in a very, very good place".
Draft terms described to Reuters by multiple sources indicate the US would begin releasing billions of dollars in frozen Iranian assets and waive sanctions on its oil exports, in return for Iran opening the strait.
Iran's nuclear program would be addressed during a 60-day period of talks. The US official said the agreement would ultimately lead to the dismantling of Iran’s nuclear program, with its stockpile of highly enriched uranium to be destroyed and removed.
But Araqchi said that Iran, which sources said has not accepted the dismantling of its nuclear program, wanted to retain the uranium in diluted form.
The proposals also include discussion of possible war reparations 
for Tehran and dropping longstanding US demands for limits on Iran's missile program, the sources said. The US official disputed that account.
Araqchi said Iran would, along with Oman, retain control of traffic through the strait, which before the war handled one-fifth of the world's oil and gas supply.
"Our sword will always hang over the Strait of Hormuz," he said.
Although no official announcement has been made on the timing of venue, a Western source said the deal could be signed as early as Sunday, with Geneva the likeliest location. Araqchi, however, said it would be signed remotely before being announced.

UAE to unlock $20b for Iran

The United Arab Emirates (UAE) has agreed to unlock billions of dollars for Iran, four sources said, in a tactical shift after weeks of Iranian attacks on the wealthy Gulf Arab state during the US-Israeli war with the Islamic Republic.
Two regional sources told Reuters the UAE had agreed to release a total of $10 billion, more than $3 billion of which had already been delivered. Two other sources with knowledge of the arrangement put the total funds involved at $20 billion, adding that the move had been agreed in return for a halt to Iranian attacks on the UAE.

Pakistan expects deal to sign in 24 hours

Pakistani Prime Minister Shehbaz Sharif, whose country has been mediating in the war, on Saturday said that Pakistan expects the two side to sign the initial deal in the next 24 hours. 
"We are closer to a peace deal than ever before. With finalisation likely expected in the next 24 hours, Pakistan is preparing for the electronic signing of the peace deal immediately after, followed by technical level talks next week," Sharif wrote on X.

Iran says not on Sunday

Iran's foreign ministry said Saturday that an expected memorandum with the US to end hostilities would not be signed on Sunday, state media reported.
"We have to wait and see about the exact time of signing; although it will not be tomorrow," ministry spokesman Esmaeil Baqaei said, according to the IRNA news agency. "The possibility of this happening in the coming days cannot be ruled out," he added, after Pakistan said Iran and the US could finalise the deal within 24 hours, AFP reported.

Israel not party to memorandum

Israel's Prime Minister Benjamin Netanyahu said his country would not be party to the agreement.
Netanyahu has clashed with Trump in recent weeks over US demands that Israel curb military action in Lebanon to allow Washington to reach a deal with Tehran.
Araqchi said the agreement would end the war in Lebanon, implying an Israeli withdrawal from occupied areas.
Israel's defense minister said it would not withdraw. A senior Israeli official said Israel expects to retain its freedom to act against threats.
Al Jazeera reported that at least five people were killed and a Lebanese soldier was injured in the latest Israeli attacks.

Oil price falls

Global stock markets rose and oil prices fell on the news of progress toward an agreement has emerged. Brent crude prices were down more than 3% at their lowest in nearly two months.
The conflict has become a political headache for the White House, amid rising fuel prices and slipping approval ratings for Trump.
Some Republicans worry that the war's unpopularity could cost them control of Congress in November's midterm elections. But many of Trump's fellow Republicans may have difficulty endorsing an agreement viewed as too favorable to Iran.
The war, began with joint US-Israeli strikes on Iran on 28 February, has killed thousands of people, mostly in Iran and Lebanon, and sent global energy prices sharply higher.