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A U.S.-Iran deal could be sealed within days, according to President Donald Trump and Iranian officials, with a memorandum of understanding expected to reopen the Strait of Hormuz.

A memorandum of understanding “could happen within the next 1 or 2 days, or within the next few days,” Iranian Foreign Minister Abbas Araghchi said Friday in an interview with Iranian state media that he posted on X. “I am hopeful.”

Trump reposted Araghchi’s post on Truth Social. He also told Axios that he believed a deal with Iran could be signed over the weekend or Monday, while condemning what he said was fake information put out by Tehran on its contents.

Key mediator Pakistan also said Friday that a “final, agreed upon text” of a U.S.-Iran deal had been reached. “Peace has never been this close as it is now,” Pakistani Prime Minister Shehbaz Sharif wrote on X.

The U.S. and Iran have for weeks appeared to be nearing a deal that would bring an end to the war that began at the end of February, when the U.S. and Israel launched strikes on Iran. Iran has since imposed strict controls over the Strait of Hormuz, a vital waterway through which 20% of the world’s oil passed before the war, causing chaos in the global markets.

A ceasefire was agreed in mid-April, but the two sides have since exchanged intermittent fire, with strikes escalating this week even as diplomacy inched forward.

Oil prices fell below $90 a barrel Friday morning after Trump said a peace deal was within reach. U.S. crude oil futures for July delivery were at $84 per barrel early Saturday, while August futures for international benchmark Brent sank to around $87 per barrel.

The memorandum of understanding would reopen the Strait of Hormuz immediately without tolls and restore prewar shipping within approximately 30 days, as well as lifting the U.S. blockade of Iran’s ports, according to a regional source, a source familiar with the agreement and a diplomat with knowledge of the text.

The agreement would include a 60-day extension of the current ceasefire, which effectively collapsed this week with both sides resuming strikes. The deal includes an end to fighting in Lebanon, where Israel has continued a deadly offensive against Hezbollah despite existing ceasefire agreements.

But speaking on Iranian state television Friday, Araghchi outlined seemingly different terms.

He said that Iran intends to charge a service fee for ships passing through the strait, adding that while “it is not possible to levy a toll on passage through the Strait of Hormuz,” it would maintain control over the waterway and charge a fee for “services provided.”

He also said that Iran’s “sword will remain poised over the Strait of Hormuz indefinitely.”

Another part of the deal is for the U.S. and Iran to respect each other’s sovereignty and not meddle in each other’s affairs, Araghchi said, according to the semi-official Fars news agency.

Details regarding two key issues — Iran’s nuclear program and the lifting of sanctions — will be finalized in the next stage of negotiations, Araghchi said.

Trump officials had consistently cited the destruction of Iran’s nuclear program as the key objective of the conflict. Republican Sen. Lindsey Graham, R-S.C., warned on X Friday that the terms described by Iranian media would be “awful” and that Trump’s “red line” on nuclear enrichment must hold. He welcomed reassurances from Trump, who has contested parts of the deal claimed by Iran.

Treasury Secretary Scott Bessent said that a U.S.-Iran deal would bring economic relief to the nation.

“We believe that he had to take this opportunity to keep Iran from having a nuclear weapon,” he told host Laura Ingraham on Fox News. “We will see, maybe as soon as this weekend or Monday, we will get on the other side of this.”

The secretary said a deal will result in lower energy prices for Americans. “I am very confident that the challenging time with gasoline will pass by,” Bessent said.

Major Gen. Mohsen Rezaie, the military adviser to Iran’s Supreme Leader Mojtaba Khamenei, said that Trump has agreed to release $24 billion of Iran’s frozen assets, according to a report by the Young Journalists Club, which is affiliated with Iranian state TV.

“Trump has agreed to the release of $24 billion of Iran’s frozen assets, but is unwilling to announce it publicly,” Rezaie, who is a former commander of the Islamic Revolutionary Guard Corps, said, according to YJC.

In a phone call with Axios, Trump told the outlet he had demanded clarification from Iran for reports that claimed the country would receive billions in frozen assets after the deal was signed, adding that officials privately “apologized for putting out false information.”

As negotiations continue, tensions remain high around the Strait of Hormuz, where U.S. Central Command said that Iran launched several drones at commercial ships on Friday.

“U.S. forces have downed all of them in recent hours as traffic flow through the strait continues unimpeded,” a post on X said.