Pakistan PM says Iran-US peace deal text finalized

Pakistan's Prime Minister Shehbaz Sharif announced that a final peace deal text between the US and Iran has been agreed upon, with both nations signaling an agreement is near while publicly framing the terms differently. Switzerland has offered to host a potential signing ceremony.

Sharif stated via X that "peace has never been this close as it is now." Iran's Foreign Minister Abbas Araghchi indicated on Friday that an agreement "has never been closer." However, US officials suggest a deal signing may occur this weekend, pending Iranian approval, and clarified that Iran will not receive funds or sanctions relief simply for signing the MoU, only after verification of nuclear program compliance.

A Trump administration official said the emerging agreement would reopen the Strait of Hormuz and begin the process of destroying or removing Tehran’s highly enriched uranium. The deal is also expected to involve the lifting of sanctions and release of frozen Iranian assets. Trump had previously lashed out at officials in Iran for leaking details of the peace deal.

France and the UK have said they were set to take on a mission to destroy mines across the strait in the Middle East. Economists have warned that disruption lasting for around three months will have severe consequences for the UK and wider global economy, with UK growth set to take a hit and inflation potentially racing past six percent.