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.

The U.S. president said the agreement will prohibit Iran from having nuclear weapons and result in the immediate reopening of the Strait of Hormuz.

Speaking after Monday's exchange of strikes — the biggest blow yet to the April ceasefire in the Iran war — Trump said bombing Iran further would keep the Strait of Hormuz closed…

President says final agreement could be signed this weekend