The update, posted by the White House, sent crude oil prices tumbling nearly 7% on hopes of easing tensions in West Asia and the reopening of the Strait of Hormuz, the critical waterway through which roughly one-fifth of global oil supplies pass.
The remarks were posted as a Pakistani delegation was in Tehran to narrow differences between the two warring states and negotiate a deal to end the war.
Despite saying negotiations are in the “finalisation stages” of a memorandum of understanding, Iran has expressed doubts over whether the Trump administration can be relied upon to follow through on any agreement.
“We may say that we are very far and (at the same time) very close to an agreement,” Foreign Ministry spokesperson Esmaeil Baqaei was quoted as saying by Iranian state media.
“On the one hand, we have the experience of the American side contradicting itself and changing their views. They have expressed contradictory positions many times. We cannot be completely sure that this approach will not change,” he reportedly said.
Trump said he held a joint call from the Oval Office with Saudi Crown Prince Mohammed bin Salman, UAE President Mohammed bin Zayed Al Nahyan, Qatar Emir Tamim bin Hamad Al Thani, Pakistani Army Chief Asim Munir, Turkish President Recep Tayyip Erdogan, Egyptian President Abdel Fattah El-Sisi, Jordan’s King Abdullah II and Bahrain’s King Hamad bin Isa Al Khalifa.
He also said he separately spoke with Israeli Prime Minister Benjamin Netanyahu and described the conversation as having gone “very well”.
“An Agreement has been largely negotiated, subject to finalisation between the United States of America, the Islamic Republic of Iran, and the various other Countries…” White House quoted Trump as saying.
“Final aspects and details of the Deal are currently being discussed, and will be announced shortly,” he has said, adding that the Strait of Hormuz would be reopened as part of the deal.
Trump did not provide details on the terms of the proposed memorandum of understanding or specify whether Iran had agreed to the framework.
This is the latest in a series of claims made by President Trump about a potential deal to end the war. However, it does not clearly state whether persistent points of friction, including Iran’s nuclear programme, have been resolved.
Iran’s top negotiator, Parliament Speaker Mohammad Baqer Qalibaf, reportedly told Pakistani army chief Asim Munir that it would pursue its “legitimate rights” on the battleground as well as through diplomacy, Reuters reported, citing Iranian state media.
Also Read: Iran’s top negotiator says Tehran will not compromise in talks with US
(Edited by : Tenzin Norzom)
First Published: May 24, 2026 6:50 AM IST
