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Iran’s official Islamic Republic News Agency (IRNA) has cautioned against media speculation about a potential memorandum of understanding to end the war, particularly on claims regarding the strait of Hormuz.

IRNA reported that Iran will not surrender its control of the strategic waterway and the US will have no role in its future management.

Contrary to some bizarre claims in the media, Iran in no way makes a commitment in this text to hand over its management or to restore the strait of Hormuz to the state before the military aggression of the US and Israel. The only point mentioned is the normalisation of transit through the strait of Hormuz upon the end of the war, the establishment of maritime security by the coastal states, the end of the illegal blockade, and the removal of threats to commercial shipping by the US and Israel. At Iran’s request, the US will have no role whatsoever in the future management of the strait of Hormuz. It has been made clear that the future administration of the strait will be based on an Iranian initiative and proposal, within the framework of a matter pertaining to the countries of the region. In this framework, discussions about the future of the strait of Hormuz will not take place even in negotiations after the signing of the agreement, and Tehran will directly resolve this issue in talks with Oman.”

US president says in online post he reserves ‘ultimate alternative’ if Tehran refuses to sign agreement

Donald Trump said on Saturday that the US is set to sign a new agreement with Iran the following day, claiming that the deal would prevent Tehran from obtaining a nuclear weapon, as well as reopen the strait of Hormuz to international shipping.

In a Truth Social post, Trump said that Iran “no longer want a Nuclear Weapon, nor will they have one, either through purchase, development, or any other form of procurement”.

Trump also says in ‘friendly and frank’ phone call that US is nearing peace deal with Iran, according to Putin adviser

Donald Trump told Vladimir Putin that ending Russia’s ongoing war in Ukraine was critical and that he was prepared to help, reported Russia’s TASS news agency.

During a phone call on Sunday, Trump also informed the Russian president that the US was nearing a peace deal with Iran as the US-Israel war against the country continues, according to Yuri Ushakov, a Putin adviser. The call between Trump and Putin, which lasted about an hour, was described as “friendly and frank” by Ushakov.

Strikes on Bemani damaged key water reservoir for 20,000 people living in area amid a historic drought in the country

Military strikes that damaged two water storage facilities in southern Iran may constitute a war crime, military and legal experts say, after reviewing media reports and visual evidence of a 10 June strike on Bemani, a small district about 2 miles from the strait of Hormuz.

It’s unclear if the strikes deliberately targeted the district’s water tanks, or if they unintentionally destroyed a key reservoir for about 20,000 people living nearby. But if the tanks were the target, then the legal question becomes critical, Brian Finucane, a former state department lawyer, said. “It’s either a military objective or it’s a civilian object: attacking one is lawful, attacking the other is a war crime,” Finucane said.

Iranian leadership has not confirmed claim, after the US president announced that planned strikes on Iran had been cancelled

Donald Trump claimed on Thursday that Washington and Tehran were on the verge of signing a peace agreement, and announced that he was cancelling fresh missile strikes, after two days of escalating attacks on Iran that threatened to collapse the fragile ceasefire.

His comments followed a new bout of public diplomacy by social media, but were dismissed by Iran’s foreign ministry, which said a final decision on an agreement had not been reached.

Washington claims vessel was violating its blockade of Iranian ports and failed to comply with instructions

The Indian government has voiced a “strong protest” after three Indian seafarers were killed in US military strikes against oil tankers travelling through the strait of Hormuz.

US Central Command confirmed that its aircraft had fired two Hellfire missiles at the engine room of the MT Settebello as it sailed through the Gulf of Oman on Wednesday.

A cycle of threat, detente and deadlock repeats itself wearisomely as the president’s war in Iran drags on

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As the story of the US-Iran war is written direct to social media, Donald Trump may be the genre’s premier unreliable narrator.

Since the war began, Trump has again and again threatened Iran with fearsome consequences if Tehran doesn’t come to the table and sign a peace deal that the US president said was imminent weeks ago. And he has also repeatedly claimed that an Iran deal is “close” – without any result. (A CNN tally put the number of times he’s claimed it at 38.)

Donald Trump posts ‘Let the oil flow’ as US-Iran peace deal sparks immediate drop for Brent crude

• Middle East crisis: live updates

• Peace deal between US and Iran announced, with strait of Hormuz expected to reopen

• What do we know about the US-Iran peace deal – and what questions remain?

Global oil prices have tumbled and stock markets rallied amid fresh hopes that a US-Iran peace deal may end the greatest energy supply crisis in the history of the market.

The price of Brent crude dropped 4% to below $84 (£62) a barrel as the new trading week began in financial centres across Asia-Pacific, amid optimism that the strait of Hormuz could reopen shortly and bring a return of Gulf oil exports to the market.

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Donald Trump and his allies have discussed pushing lawmakers to pass a resolution aimed at voiding his first-term impeachments, the Wall Street Journal reported last night, citing people familiar with the matter.

“It should be done because I did nothing wrong,” Trump said when asked about the resolution in a phone call this week with the Journal. “It was a rigged deal — it was a whole rigged situation.”

Before the conflict began, inflation was at 2.4%, but the closure of the strait of Hormuz has affected energy prices

US inflation jumped to an annual rate of 4.2% in May, the third consecutive monthly increase since the start of the Iran war and a three-year high, as Americans continue to face steep oil prices.

Prices have increased sharply over the past several months, rising at an annual rate of 3.3% in March before going up to 3.8% in April. In February, before the conflict began, inflation was at 2.4%.

US president left last meeting early, but world leaders aim to end Ukraine war and push for resolution in Gaza and Iran

Emmanuel Macron, the host of the G7 summit in Évian-les-Bains, has framed an agenda to make it as palatable as possible to his guest of honour, but the French president has no idea if Donald Trump, a haphazard summit attender, will last the full three days – or disrupt the proceedings every hour he stays.

The US president quit the last G7 summit in Kananaskis, Canada, early to work on the Iran conflict, and this year, plus ça change, Iran may also draw presidential attention. For good measure, he insulted this summit’s host before leaving Canada last year, describing Macron as “publicity seeking” and adding: “Purposefully or not, Emmanuel Macron always gets it wrong.”

Those in favour forced to defend themselves against claims the terms amount to capitulation

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Iranian hardliners have mounted a rearguard rejection of a deal with the US as as they say it does not guarantee sanctions relief, compensation or control of the strait of Hormuz.

“The fact that they say we won and America has retreated is a blatant lie,” said the Iranian MP Kamran Ghazanfari. Meysam Nili, the managing director of Rajanews and brother-in-law of the hardline former president Ebrahim Raisi, called the deal on the table a catastrophic capitulation. He urged Iranians not to sit quietly.