President Donald Trump announced on Saturday (May 23) that a peace agreement with Iran has been "largely negotiated." In a post on Truth Social, Trump indicated that the final details are being discussed and that the deal will include reopening the vital Strait of Hormuz. The announcement comes after recent public statements from officials of both countries suggested progress on key issues.

Speaking in India, Secretary of State Marco Rubio mentioned that "there may be news" soon about Iran, though he did not provide specifics. Trump also mentioned having a "very good" call with leaders from the Middle East, including Saudi Arabia, the United Arab Emirates, and Qatar, to discuss the situation.

According to BBC News, Iranian foreign ministry spokesman Esmaeil Baqaei confirmed that U.S. and Iranian positions have been converging, though he warned that this does not guarantee an agreement on all issues. Baqaei described a memorandum of understanding with 14 points, with hopes to finalize it within 30 to 60 days.

The potential deal follows a shaky two-month ceasefire and weeks of negotiations. The conflict, which began with U.S. and Israeli strikes on Iran in February, has led to significant regional tension and economic impacts, including surging oil prices.

Reuters reported that the U.S. and Iran have been engaged in talks to reach a long-term peace deal. The Strait of Hormuz, a crucial global shipping route, has seen reduced traffic since the conflict began. The reopening of the strait is a key component of the negotiations.

While the White House has not commented on the specifics of the call, Trump has previously stated that any agreement would prevent Iran from obtaining a nuclear weapon. The negotiations have been tense, with Trump issuing warnings about potential military action if a satisfactory deal is not reached.

The NBC News reported that the ongoing conflict has resulted in the deaths of 13 U.S. service members and thousands of casualties across the region. The economic cost to U.S. taxpayers has exceeded $25 billion, according to Pentagon estimates.