US President Donald Trump has called off further military strikes on Iran, even as Tehran fired a fresh salvo of drones at US bases in the Middle East for the third consecutive day.
Trump said a deal with Tehran is close to being finalised and that “a time and place for the signing” will be announced shortly.
However, President Trump’s announcement has drawn scepticism, with critics pointing to his history of inconsistent statements on Iran.
Many observers say his shifting positions have repeatedly threatened global economic stability.
Earlier, Trump had warned that Iran would be hit “very hard” and even threatened that US forces would seize Iran’s Kharg Island and other key oil infrastructure.
An Iranian official said a proposal for a memorandum of understanding with the United States is currently “under consideration” by the country’s top leadership, though the timing of any agreement remains uncertain.
On Thursday, Iran’s Islamic Revolutionary Guard Corps (IRGC) said it carried out attacks on US military assets in Bahrain, Kuwait and Jordan in retaliation for US strikes.
The IRGC also announced the complete closure of the Strait of Hormuz.
Iran has expressed serious reservations over the United States frequently changing its position.
Over the past few months, both sides have made multiple announcements claiming progress towards an agreement, only for them to backtrack once global markets stabilise.
Also read: Crude oil prices surge as Iran announces closure of Hormuz
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