President Donald Trump has said the United States and Iran could sign a peace deal as soon as this weekend that would reopen the Strait of Hormuz to shipping, but Iran countered that it had not reached a final decision on an agreement.

Iranian media reported Foreign Ministry spokesperson Esmaeil Baqaei as saying that large parts of the text under negotiation have been finalised, but Iran would not compromise on its red lines.

“We have not reached a final conclusion on this matter,” he said. “This is a very important issue that is currently being reviewed by the relevant decision-making bodies.”

Trump, meanwhile, told reporters at the White House: “We just made a great settlement of the war with Iran.”

“The strait will officially open as soon as we sign, which could be soon, very soon, maybe over the weekend in Europe,” Trump said, adding Vice President JD Vance could sign for the United States.