US and Iran are close to a peace deal memorandum, with Geneva likely as venue, as talks include ceasefire, sanctions relief and oil market impact.

The US vice-president is expected to take part in the signing ceremony if it goes ahead

Having moved from threats to peace in a matter of hours, Trump says markets ‘like the deal’ and the Strait of Hormuz will reopen soon.

US president says agreement close as Strait of Hormuz tensions linger

US and Iran approach a peace deal on reopening the Strait of Hormuz ahead of the G7 summit next week.