President Trump’s newly announced peace agreement, which he said is “largely negotiated” and awaits final approval from all parties, includes a 60-day ceasefire, the reopening of the Strait of Hormuz, and continued negotiations on Iran’s nuclear program, according to US officials familiar with the discussions. 

The White House hopes that the deal could be finalized and officially announced today.

Trump is reportedly prepared to ease restrictions on Iran’s oil exports and provide some sanctions relief as negotiations progress, Axios reports. If his demands on nuclear weapons are met, Trump is ready to reset relations with Iran.

President Trump had a conference call scheduled with Gulf leaders on Saturday after saying the US and Iran are “getting a lot closer” to a peace agreement.

Trump was reportedly considering launching a fresh round of strikes in Iran this weekend and told reporters he’s at a “solid 50/50” on either striking a deal or sending bombs to “blow them to kingdom come.”

However, after a new proposal from Iran, which sources say included reopening the Strait of Hormuz, as well as talks with Arab leaders, Trump announced that a deal is being finalized, avoiding a continuation of the war —for now.

(VIDEO) Trump Says Iran Ceasefire on “Life Support” After “Garbage” Proposal from Iran

Trump signaled that the Arab mediators and Israel are in favor of the agreement, following discussions “concerning the Islamic Republic of Iran, and all things related to a Memorandum of Understanding pertaining to PEACE.”

The deal still awaits agreement and finalization from Iran, which could come as soon as today, and it includes a 60-day memorandum of understanding (MOU), during which the Strait will be open with free passage of ships, without Iranian tolls or America’s blockade.

Iran is also expected to make concessions on nuclear enrichment and potentially give up nuclear materiel as the US lifts sanctions and unfreezes Iranian funds while keeping troops in the region until a final agreement to end the war is reached.

Israel is also expected to end its campaign in Lebanon under the terms of the MOU. However, an Israeli official told Axios that Prime Minister Benjamin Netanyahu is concerned about that condition and others in the deal. A US official, however, reassured that the ceasefire in Lebanon will not be “one-sided,” noting, “If Hezbollah behaves, Israel will behave.”

“Bibi has his domestic considerations, but Trump has the interests of the U.S. and the global economy to think about,” the US official further stated.

“It will be interesting to see how far Iran will be truly willing to go, but if they are capable of and want to change their trajectory, this next phase will force them to make some critical decisions on what they want to be as a country,” the US official told the outlet.

This is a developing story.

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