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Iran has indicated its willingness to forgo the pursuit of nuclear weapons and reopen the strategically important Strait of Hormuz as part of a proposed peace framework reportedly being negotiated with the United States.

The development emerged on Sunday amid growing optimism that months of heightened tensions and conflict between the two countries could move toward a diplomatic resolution, although officials on both sides have cautioned that negotiations are still ongoing and a final agreement has not yet been concluded.

According to reports, the draft framework under discussion would see Iran commit to refraining from producing or acquiring nuclear weapons while reopening the Strait of Hormuz to commercial shipping. In return, the United States would release approximately $25 billion in frozen Iranian assets, ease certain sanctions, and suspend the imposition of new sanctions during a negotiation period aimed at reaching a broader agreement.

The proposed arrangement has attracted global attention because of the significance of the Strait of Hormuz, one of the world’s most important maritime trade routes. The waterway serves as a critical passage for global energy supplies, with disruptions in the area often triggering concerns in international oil markets. Shipping activity through the strait has reportedly been affected by recent hostilities, contributing to uncertainty in global energy and financial markets.

Sources familiar with the negotiations said the draft agreement would establish a 60-day framework for further talks between Washington and Tehran. During that period, both countries would work toward a more comprehensive settlement covering Iran’s nuclear programme, sanctions relief, and broader regional security issues.

Under the reported terms, Iran would maintain the current status of its nuclear activities pending a final agreement, while discussions continue on the future of uranium enrichment and other aspects of its nuclear programme. The United States, on the other hand, would temporarily ease some economic restrictions and facilitate the release of frozen Iranian funds.

Diplomatic efforts to finalize the framework have reportedly involved mediators from Qatar and Pakistan, both of whom have played active roles in encouraging dialogue between the two sides. Discussions are said to be focused on creating conditions that could reduce tensions and prevent a return to military confrontation.

Despite the optimism surrounding the negotiations, uncertainty remains. Iranian officials have stated that no final decision has been reached regarding a formal signing ceremony, while previous statements from U.S. officials suggesting an imminent agreement have sometimes been met with caution from Tehran.

The diplomatic developments come against the backdrop of continued instability in the Middle East. Fresh military actions involving regional actors have underscored the fragile nature of the situation and highlighted the challenges facing negotiators as they seek to transform a tentative framework into a lasting agreement.

If finalized, the proposed deal would mark one of the most significant diplomatic breakthroughs between Washington and Tehran in years, potentially easing tensions in the Gulf region, restoring confidence in international energy markets, and opening the door to broader negotiations on long-standing disputes between the two countries.

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US President Donald Trump said that a deal with Iran to end the war in the Middle East could be signed on Sunday, and that the strategic Strait of Hormuz would be “open to all” immediately after.

Iran had offered a different timeline earlier in the day, but nonetheless signalled an agreement was in the offing, as both the warring parties and their mediators expressed increasing optimism that weeks of halting negotiations were drawing to a close.

The leader of key mediator Pakistan said a deal was closer “than ever before”.

The “finalisation” of this agreement is expected “within the next 24 hours”, Pakistani Prime Minister Shehbaz Sharif said Saturday on X, adding that it will be signed electronically, without going into further detail or specifying what this would involve.

He said “technical level talks” are expected to follow next week.

The momentum came in spite of fresh skirmishes in the Strait of Hormuz, which Iran has blockaded since early in the war, throwing global markets into turmoil.

“The Deal is scheduled to get signed tomorrow, and immediately after it is signed, the Hormuz Strait is OPEN TO ALL,” a post on Trump’s official Truth Social platform read on Saturday.

Since an April 8 truce paused the worst of the fighting, Trump has repeatedly insisted a deal was imminent, only for the wrangling to drag on.

Iranian foreign ministry spokesman Esmaeil Baqaei had said earlier on Saturday that the date of the signing was yet to be determined, but “it will not be tomorrow”.

However, he added: “The possibility of this happening in the coming days cannot be ruled out.”

The warring parties have nonetheless released conflicting information about the contents of the deal, as each seeks to show it emerged from the war with the upper hand.

Tehran has insisted it will maintain control over the Strait of Hormuz, a key maritime trade route for oil and gas shipments from the Gulf.

Since imposing its blockade, Iran has demanded that vessels obtain permission from its armed forces before transiting the waterway, and has established a new body to oversee it and collect tolls.

The US has responded with its own blockade of Iranian ports.

The US military’s Central Command said earlier Saturday Iran had “launched multiple one-way attack drones in an attempt to strike commercial ships transiting the Strait”.

It added that “US forces have downed all of them in recent hours”.

Iran’s Foreign Minister Abbas Araghchi, in an interview with state television on Friday, had said the deal on the table called for the lifting of the US naval blockade.

“The administration of Strait of Hormuz will no longer be the same as before,” he added, calling the waterway one of Iran’s “main instruments of deterrence”.

The US has repeatedly said Iran remaining in control of the strait would be unacceptable, and Trump’s post made no mention of tolls or other arrangements.

– ‘Nuclear dust’ –

Another key sticking point in the talks has been the fate of Iran’s nuclear programme, particularly its stockpile of highly enriched uranium — believed to have been buried by US strikes last year during a previous short-lived war.

Iran has long insisted its nuclear programme is peaceful and that it has a right to enrichment, but the United States, Israel and other Western governments suspect it of seeking a bomb.

Araghchi on Friday said the only way to deal with Iran’s enriched uranium “is to dilute it inside Iran”.

Trump, who has justified the war as necessary to prevent Iran from obtaining nuclear weapons, previously said the US would remove and destroy the uranium.

In Saturday’s post, he said: “When all is calm, we will go in and get the Nuclear Dust… and downblend and destroy it, whether in Iran, or the United States.”

“Hopefully, this process will all work out quickly, easily, and smoothly,” he added. “If it doesn’t, we have the ultimate alternative, hopefully never to be used again!”

Prime Minister Benjamin Netanyahu of Israel — which launched the war in tandem with the US in February — said Trump had promised him any agreement would include the removal of the enriched nuclear material.

In the streets of Tehran, there was scepticism that the latest agreement would cross the finish line.

“I don’t think there is any deal soon,” said Saeed Sadeghi, 49. “I don’t trust their word.”

Fars news agency shared a video from Iran’s northeastern city of Mashhad showing dozens protesting the deal outside a foreign ministry building on Saturday.

It showed women in black chadors chanting “death to dishonourable Araghchi, the infiltrator”, while waving red and black flags.

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SpaceX founder Elon Musk has become the first person in the world to get the “trillionaire” tag. Investor confidence in Musk’s businesses was on full display on Thursday when SpaceX, which deals in reusable rockets, satellites and artificial intelligence, secured a record USD 75 billion through its initial public offering, reported news agency Reuters.

Alongside electric-vehicle manufacturer Tesla, SpaceX sits at the heart of Musk’s business empire.

Before the share offering, Forbes estimated Musk’s net worth at around USD 780 billion, placing him comfortably ahead of the second-richest individual, Alphabet co-founder Larry Page.

Matt Durot, deputy editor at Forbes Wealth was quoted as saying by Reuters: “The second richest person has been hovering around $300 billion, so about less than one-third of what Musk can potentially be worth tomorrow.” “And only one other person, Oracle founder Larry Ellison, has ever been worth USD 400 billion.”

Elon Musk’s major holdings

A major part of Musk’s wealth is now tied to SpaceX, where his stake is valued at roughly USD 866 billion. Combined with his holdings in Tesla and other ventures, Forbes estimates his net worth at USD 1.1 trillion once SpaceX shares began trading on Friday, according to Reuters calculations based on company filings.

Musk first rose to global prominence through Tesla and SpaceX before extending his influence further with the USD 44 billion purchase of Twitter (now X) in 2022, which gave him access to a massive online community and the chance to regulate the platform. In addition to Tesla and SpaceX, Musk has helped launch several other companies, including tunnel-construction venture The Boring Company and brain-implant developer Neuralink.

His growing involvement in politics has also generated controversy. Among the most debated episodes was his participation in US President Donald Trump’s Department of Government Efficiency last year. The political backlash coincided with low Tesla sales in several overseas markets during 2025, as the company faced protests and consumer boycotts.