Oil prices fell and global stocks rose over optimism for a deal, though questions remain about how quickly aspects of the new framework would be implemented.

U.S. ⁠President Donald ⁠Trump said on ​Saturday that a memorandum ‌of understanding on ‌a ⁠peace ⁠deal has been "largely negotiated" with Iran ​and will open the Strait ​of Hormuz, with details ⁠to be ⁠unveiled soon.

A day after President Trump said he would soon announce details on a deal with Iran, the president indicated that he told his representatives “not to rush” and that “time is on our side.” CNN’s Julia Benbrook reports.

President Donald Trump said on Saturday that the U.S. is finalizing a comprehensive agreement with Iran to end recent military hostilities, marking a major diplomatic breakthrough in the war. Writing on Truth Social,

Iran's Fars news agency reported that Trump's assertion that a deal was nearly final was "inconsistent with reality."

The agreement would be a “memorandum of understanding,” a framework that would set up a longer window to negotiate another deal, Reuters reported citing Pakistani officials, who are mediating talks between the two sides.

President Donald Trump says a deal with Iran, including opening the Strait of Hormuz, has been “largely negotiated.”

The United States and Iran are closing in on a deal to end the war in the Middle East, a regional official with direct knowledge of the Pakistan-led mediation efforts said Saturday, as the U.S. has weighed a new round of attacks on the Islamic Republic.