A pact with the US to stop the fighting in Iran is nearly finished and features the reopening of the Strait of Hormuz, Iran's Foreign Minister has stated.

Seyed Abbas Araghchi informed state television that the pact also covers removal of a US blockade on Iran, though discussions about Iran's nuclear efforts would start at a later stage.

US officials have verified several aspects of the accord, noting that economic gains for Iran would hinge on Tehran fulfilling its commitments.

The conflict started with US and Israeli attacks throughout Iran on 28 February, leading Iran to target Israel and US partner nations in the Gulf while effectively shutting the Strait of Hormuz, a vital passage for global oil and liquefied natural gas.

Even after a ceasefire was reached in April, the US and Iran have traded sporadic strikes, including two rounds of reciprocal actions this week.

US President Donald Trump announced on Thursday that he had called off planned strikes on Iran after negotiators reached a strong settlement expected to be finalized soon.

On Friday, Iranian outlets released some points from the reported 14-point pact, which Trump dismissed as unrelated to the actual terms and disconnected from reality.

Hours later, Pakistani Prime Minister Shehbaz Sharif, whose nation aided mediation, confirmed that the Memorandum of Understanding between the US and Iran was settled and awaiting final approval.

Iran's Araghchi noted in state reports that the Supreme National Security Council has both backers and critics of the current terms.

He added that no group decision has been made yet. For the moment, we have to wait. If endorsed, the pact will be signed from a distance, he said.

Israel is not part of the discussions aimed at extending the ceasefire and launching talks on major topics such as Iran's nuclear program. For years, Western nations have accused Iran of seeking nuclear arms. Tehran has rejected these claims, stating its program serves peaceful goals like power generation and research.

During a detailed briefing with reporters on Friday afternoon, US officials explained that the pact would reopen the Strait of Hormuz in exchange for the US ending its blockade on Iranian vessels.

These measures would take effect almost right away. A 60-day negotiation phase would follow, centered on Iran's enriched uranium stockpile. Officials indicated this would lead to destruction of the material at the site followed by removal from the country, though exact steps remain under discussion.

On economic matters, officials clarified there would be no immediate funds released, countering earlier Iranian reports about unfreezing assets ahead of major talks.

Instead, US officials described a gradual return of Iran to the world economy, with sanctions relief and possible asset releases occurring in phases.

The pact requires Iran to cease support for proxy forces in the area, pointing to Hezbollah and similar groups across the Middle East.

US officials stressed that the MOU rests on verified actions rather than trust or assurances, with Iran gaining economic advantages only after confirmed implementation of its pledges.

While cautious optimism exists among the US, Iran, Pakistan and Qatar, which also assisted mediation, some gaps remain. Similar versions of this accord have been anticipated multiple times in recent months only to stall later.

The current difference, per the US administration, lies in higher optimism and greater transparency about the deal's content.

For his part, the Iranian foreign minister said that once the final negotiation steps finish, this agreement will be signed and made public.

This could occur in the next few days. I am very hopeful, Araghchi told state TV.

He highlighted that the first item in the MOU involves ending the US naval blockade of Iran.

Regarding the Strait of Hormuz, the key route handling about 20 percent of the world's oil and liquefied natural gas, Araghchi said its management would change from before. Since closing the strait, Iran has required fees from vessels, while the US has demanded free passage for all shipping.

The senior Iranian official also noted that the MOU includes ending the conflict between Israel and Hezbollah in Lebanon. Earlier US reports suggested Lebanon might be excluded, though Iran reportedly pushed for its inclusion.

Israel's prime minister has indicated his country will target Hezbollah if attacks on northern Israel continue.