President Trump said Saturday that the United States and Iran will sign a memorandum of understanding Sunday to halt 106 days of war and that the Strait of Hormuz will reopen immediately afterward, a firmer timeline than the framework he floated Thursday when he called off planned U.S. strikes. Iran's Foreign Ministry said within hours the document would not be signed Sunday, narrowing but not closing the gap between Washington and Tehran.

The dispute now turns on days, not on whether a deal exists. Pakistan, the lead mediator, says a final text is ready for electronic signature, and Qatari mediators traveled to Tehran on Sunday morning to help close the agreement, a diplomat familiar with the negotiations told CBS News. If signed, the memorandum would extend the April 7 ceasefire by roughly 60 days, lift the U.S. naval blockade of Iranian ports, reopen the strait that carried 20 percent of world oil and liquefied-natural-gas shipments before the war, and release frozen Iranian assets. Nuclear questions move into a second round of talks.

What's in the deal

Iranian state media reported the draft includes release of $24 billion in frozen Iranian assets on signing, an end to U.S. and Israeli strikes across all fronts including Lebanon, and a commitment from both sides not to initiate war. Foreign Minister Abbas Araghchi said Friday the memorandum runs to 14 points and that the first is the lifting of the U.S. blockade. Trump countered Saturday on Truth Social that "no money will exchange hands" as direct payment.

Trump went further than the document is said to cover, writing that the U.S. will eventually retrieve and "downblend and destroy" Iran's enriched uranium stockpile, which he called "the Nuclear Dust, buried deep under the powerful sunken granite mountains". Foreign Ministry spokesperson Esmail Baghaei told state media nuclear questions are excluded from this stage: "The Islamabad memorandum, which is being pursued, focuses on ending the war, and at this stage, it has been decided that there will be no discussion about the nuclear issue".

The Hormuz question

Trump posted that "The Deal is scheduled to get signed tomorrow, and immediately after it is signed, the Hormuz Strait is OPEN TO ALL". Iran's Islamic Revolutionary Guard Corps has effectively closed the waterway since shortly after the war began. U.S. forces have redirected 141 vessels and disabled nine ships enforcing the blockade since mid-April, CBS News reported. Brent crude fell to under $87 a barrel on the deal news, from highs above $110 earlier in the war.

Reopening is not the same as unconditional transit. Iran maintains the strait runs through its territorial waters and Oman's, and is weighing fees on transiting vessels in the form of insurance or shipping services, Al Jazeera reported.

Mediators and the G7

Pakistani Prime Minister Shehbaz Sharif said on X that finalization is "likely expected in the next 24 hours" and that Pakistan is preparing the electronic signing, followed by technical-level talks next week. The Group of Seven summit opens Monday, where Trump plans to meet on the sidelines with the leaders of Egypt, Qatar and the United Arab Emirates, a senior U.S. official told reporters anonymously.

The skeptics

Baghaei's caution went beyond the calendar. He told state media: "due to the other party's instability, we must be cautious about any statements regarding this process" — a reference to Trump's record of swinging between threats and offers. Democratic Sen. Adam Schiff of California posted on X that "The President says the war is over. I hope that he is right," then added: "But we have heard this before. Along with a raft of broken promises." Democratic Rep. Seth Moulton called the prospective agreement "basically a surrender document". Israeli columnists warned that any deal will constrain Israel's air campaign in Lebanon, where the army struck 70 targets in the past 24 hours. Republican lawmakers have largely held their fire, though Sen. Ron Johnson said a nuclear-armed Iran would pose an "existential threat" to the United States. Trump paired the announcement with a warning that if the signing falters, "we have the ultimate alternative, hopefully never to be used again". Israel's security cabinet was set to meet Sunday night to weigh the consequences.