Azernews.Az

Ulviyya Poladova

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Iran has not yet approved any text of a potential agreement with Washington regarding a peaceful resolution of the armed conflict, AzerNEWS reports, citing Fars News Agency.

According to the agency, shortly after Trump announced that several key elements of an agreement with Iran had been finalized, a source close to Iran’s negotiating team stated that the Islamic Republic had not approved any draft memorandum prepared with the United States.

Earlier, President Trump said that a deal could be signed over the weekend, probably in Europe.

He said Vice President JD Vance would attend the signing.

"The strait will officially open as soon as we sign, which could be soon, very soon, maybe over the weekend in Europe," he said.

Asian stocks joined a strong global rally on Friday on hopes that a peace deal may finally materialise, while oil prices fell to two-month lows.

Still, tension remained high around the Strait of Hormuz.

The Strait of Hormuz is a narrow maritime passage between the Persian Gulf and the Gulf of Oman, holding significant strategic importance as approximately 20% of global oil supplies and around 25% of liquefied natural gas (LNG) exports pass through it. Essentially, it serves as an energy artery for countries in Asia, Europe, and even the United States.

The strait separates Iran from Oman, and in some areas, the width of the shipping channel is only two miles on each side. Given its critical role in global energy supply chains, ensuring the safety and security of this vital waterway is paramount for international trade and economic stability.