President Donald Trump announced what he described as a "great settlement" in the conflict with Iran, signaling that a formal agreement could be signed within days if final documents are completed. Speaking from the Oval Office, Trump said negotiations had made significant progress and suggested a signing ceremony could take place in Europe. The announcement came just hours after Trump had warned Iran of potential new military strikes, saying the U.S. was prepared to hit Tehran "very hard" if necessary.

Analysts still assume that, despite the continued conflict, a deal will eventually be reached that ends the war and reopens the Strait of Hormuz.

US-Iran tensions spike as Trump cancels planned strikes, touts a ‘great settlement’ and possible Europe signing amid Hormuz and Oman flashpoints.

President says final agreement could be signed this weekend