Tehran Says Major Parts of US-Iran Deal Draft Complete, But Final Approval Still Pending

Iranian officials said late Thursday that major portions of a draft framework agreement between Iran and the United States aimed at ending the war have been completed, but cautioned that the text still requires approval by senior decision-makers in Tehran and that no final deal has been reached.

Foreign Ministry spokesperson Esmaeil Baghaei was cited by state-run Press TV and state-affiliated Tasnim News Agency as saying that major sections of a potential memorandum of understanding were nearing completion despite what he described as repeated disruptions caused by shifting U.S. positions and military pressure.

“Textually, the text has almost been finalized in its major parts. The problem is that the contradictory positions of the United States have always caused turbulence and disruption in this process,” Baghaei said, according to Press TV.

The remarks came after U.S. President Donald Trump declared that a U.S.–Iran agreement was close and could be signed within days.

“We just made a great settlement of the war with Iran,” Trump told reporters during an Oval Office event on June 11.

“And we’re going to be, subject to finalization of documents, which should get done over the next few days, probably have a signing, maybe in Europe.”

Trump said Iranian leader Mojtaba Khamenei had approved the agreement and that he was cancelling planned military strikes against Iran because negotiations had advanced to the final stage.

“Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening,” Trump wrote on Truth Social.

The president also said Vice President JD Vance would attend a possible signing ceremony in Europe on behalf of the United States.

Tehran Offers More Cautious Assessment

Iranian officials have been more guarded with their remarks on the potential deal.

Baghaei rejected reports suggesting a deal had already been concluded and said that Iranian authorities had not yet completed their review of the proposed text.

“The relevant authorities must review every detail of the text,” he said, per Press TV. “As soon as we reach a final conclusion that serves the interests of the Iranian nation, it will be officially announced.”

Tasnim, which is closely affiliated with the Islamic Revolutionary Guard Corps (IRGC), quoted Baghaei as dismissing reports of an imminent agreement as premature.

“Reports and claims being made about an agreement are speculative, and nothing has been finalized,” he said. “As of now, Iran has not reached a final decision regarding the agreement.”

Baghaei added that mediators from Qatar and Pakistan remained engaged in efforts to bridge remaining differences, while accusing Washington of repeatedly changing its demands during negotiations.

He also said that Iran would not compromise on its core interests.

Markets Rally on Hopes of Breakthrough

Despite the uncertainty, financial markets responded positively to Trump’s announcement and signs that negotiations may be moving closer to a deal.

World shares advanced on Friday, tracking strong gains on Wall Street, while oil prices fell more than 4 percent to around a three-month low as investors bet that a deal could eventually lead to the reopening of the Strait of Hormuz and the restoration of energy flows.

In Europe, at around noon on June 12, Germany’s DAX was up 1.6 per cent, France’s CAC 40 gained 1.8 per cent, and Britain’s FTSE 100 added 1.1 per cent.

Asian markets posted even stronger gains.

South Korea’s Kospi jumped 4.6 percent, Japan’s Nikkei 225 rose 2.8 percent, Hong Kong’s Hang Seng climbed 1.7 percent, and China’s Shanghai Composite gained 1.1 percent.

Wall Street was also poised to open higher on Friday. Futures for the S&P 500 were 0.48 percent higher before the opening bell, futures for the Dow Jones Industrial Average added 0.59 percent, and Nasdaq futures rose 0.44 percent, as of 7:14 a.m. on June 12.

Analysts cautioned, however, that investors may be getting ahead of themselves.

“Trump has said many times before that a deal is very close, only for hostilities to resume,” ING commodities analysts Warren Patterson and Ewa Manthey wrote in a note on Friday.

“However, there does appear to be more positive noise around the deal this time.”

They added that uncertainty remains around the possible signing of the memorandum—and its durability.

“We would be cautious about assuming that the extension of the ceasefire is a done deal,” they wrote. “Even if it is, it could be fragile.”