Iran cautions no “final conclusion” yet as Trump touts deal to end war

An Iranian state news outlet said Friday that an agreement with the U.S., which President Trump touted the previous day as a “great settlement of the war,” includes the U.S. releasing $24 billion of frozen Iranian financial assets.

Iran’s semi-official Mehr News agency published what it said was a draft of the 14-point agreement Friday. It includes a stipulation that Iran’s assets will be released during a 60-day extension of the current ceasefire, which would begin as soon as the deal comes into effect. 

Iran’s Foreign Ministry cautioned earlier that the regime had yet to fully commit to the agreement.

The document also states that half of the $24 billion in Iranian assets would be made available before further negotiations begin during the 60-day ceasefire extension.

Iran’s Foreign Ministry spokesman said Thursday that the agreement still required approval by the country’s government. 

Oil prices sank more than 4% after President Trump claimed there was a breakthrough in talks to end the Iran war.

High oil prices have added to inflationary pressures globally as the Strait of Hormuz, a key waterway for the world’s oil and gas transit, remained largely closed.

Expectations that an agreement between the U.S. and Iran may help reopen the strait sent oil prices tumbling.

The price of Brent crude oil, the international standard, fell about 4% early Friday to trade around $86.70 per barrel. That’s still significantly higher than the roughly $70 a barrel it was at before the war began at the end of February, but a marked drop on the day, and far less than the peak prices of around $110 per barrel seen earlier in the war.

Iranian Foreign Ministry spokesman Esmail Baqaei told the state news network SNN TV Thursday that the text of an agreement with the U.S. was “largely finalized,” but he stressed that it wasn’t yet a done deal.

“The problem is the contradictory positions of the United States have always caused this process to become unstable and disrupted,” Baqaei said. 

He said the Iranian government had not reached a “final conclusion on the matter,” following President Trump’s assertion on Thursday that an agreement to end the war had been reached.

The memorandum of understanding that President Trump claimed Thursday has been agreed includes an extension of the ceasefire for 60 days, the reopening of the Strait of Hormuz and further negotiations to address Iran’s nuclear programme, according to Axios.

The agreement reportedly involves a return to pre-war shipping volumes through the Strait of Hormuz within 30 days, with the U.S. also lifting its blockade on the vital shipping lane. U.S officials reportedly told Axios that Iran would also see some of its sanctions waived, which would allow Tehran to sell oil for the 60 days.

The Israeli military said on Friday it had killed 80 Hezbollah fighters and attacked approximately 310 targets related to the Iran-backed group in southern Lebanon in the past week.

The Israeli Defense Forces said in a statement the strikes were carried out “alongside the activity of the ground troops along the forward defense line to dismantle terrorist infrastructure and remove threats to Israeli civilians and to the troops operating in the area.”

Israel and Lebanon agreed to renew a ceasefire agreement last week, but the Iran-backed Hezbollah paramilitary group quickly rejected it. Tehran has previously said any peace deal with the U.S. and Israel must include a ceasefire in Lebanon. 

Israeli Prime Minister Benjamin Netanyahu held a call with President Trump Thursday night regarding the possibility of a pending peace deal between the U.S. and Iran, Netanyahu’s office said.

“Even though Israel is not a party to the memorandum of understanding, the Prime Minister expressed his appreciation for President Trump’s commitment that the final agreement at the conclusion of negotiations will include the removal of enriched material, the dismantling of enrichment infrastructure, limits on missile production, and the cessation of Iran’s support for its terrorist proxies in the region,” Netanyahu’s office said in a statement.

A U.S. official said it appears Iran has attempted to strike commercial ships transiting the Strait of Hormuz early Friday morning local time. U.S. forces have shot down two Iranian one-way attack drones, the official said.

Some traffic flow through the strait continues, the official said.

Iran hasn’t reached a final decision on a peace deal with the U.S., an Iranian official said Thursday.

“So far, Iran has not reached a final conclusion on the agreement,” foreign ministry spokesman Esmaeil Baqaei said in a statement provided to Agence France-Presse.

The statement comes after President Trump said earlier in the day that the U.S. had reached a “great settlement” regarding the Iran war.

A letter of intent or memorandum of understanding between the U.S. and Iran was likely to be signed early next week, two sources familiar with the diplomatic efforts told CBS News.

Following Mr. Trump’s declaration, however, Iran’s semi-official Fars News Agency, which is associated with the Islamic Revolutionary Guard Corps, quoted a “knowledgeable source close to the Iranian negotiating team” who denied the president’s claim about an agreement on an initial deal and stated that “no text of the initial memorandum of understanding with the United States has been approved.”

Iran’s Tasnim news agency noted that he had announced a deal was imminent 38 times in the previous two months.

“Until Iran announces the matter of a potential understanding, any news from Trump on this subject should be regarded the same as his previous messaging,” it noted.  

A letter of intent or memorandum of understanding between the U.S. and Iran is likely to be signed early next week, opening the way to further negotiations about an enduring U.S.-Iran agreement, two sources familiar with the diplomatic efforts said. 

The signing of the memorandum would kick off 60 days of talks to negotiate details of a U.S.-Iran agreement. That time period could be extended as needed, according to multiple sources.

First steps include ensuring “freedom of trade” by demining and opening the Strait of Hormuz. In principle, Iran would commit to a lockout of 15-20 years during which it would not enrich uranium and would dismantle its nuclear sites. In exchange for taking these steps, Iran would receive financial relief staggered over time and sequenced to correspond with compliance.