A peace agreement has been "largely negotiated" among the United States, Iran, and several Middle Eastern countries, US President Donald Trump announced on Saturday.
Among the countries he stated the peace agreement encompassed were Saudi Arabia, the United Arab Emirates, Qatar, Pakistan, Turkey, Egypt, Jordan, and Bahrain.
He added that he had separately conducted a call with Prime Minister Benjamin Netanyahu, which "likewise, went very well."
While the majority of the deal's details have yet to be publicized, Trump said one element they would include was the reopening of the Strait of Hormuz.
Early on Sunday, Iran's Fars news agency reported that the Strait of Hormuz would remain under Iran's management according to the latest exchanged text between Iran and the US, dismissing Trump's announcement as "incomplete and inconsistent with reality."
Report claims US, Iran to sign 60-day ceasefire extension
Earlier on Saturday, The Financial Times reported that the US and Iran were on the verge of agreeing to a 60-day extension of the current ceasefire agreement, during which most issues that arose during the negotiations would be addressed.
The report noted that the terms of this deal would include the gradual reopening of the Strait of Hormuz, a key issue raised by both the US and Iran after each country imposed closures and blockades of the waterway.
Tobias Holcman and Reuters contributed to this report.