Iran FM: Iran and US close to initial peace agreement

Iran and the United States were on Friday reported to have agreed to the wording of an initial agreement aimed at ending their war in the Middle East, with mediators working with both sides to finalize a deal.

Iranian Foreign Minister Abbas Araghchi said that as part of the agreement, the two sides would respect each other's sovereignty, calling it "one of the most important provisions of this agreement".

The emerging deal is also reportedly expected to pave the way for reopening the Strait of Hormuz, the phased lifting of sanctions on Iran, and the release of frozen Iranian assets.

Araghchi told state television that Israel was not part of the negotiations, adding: "I must say explicitly that this agreement has enemies, and at the forefront of them is the Zionist regime."

The minister indicated the Memorandum of Understanding would be followed by talks on terms dealing with Iran's nuclear program that would be finalized in the 60 days after the initial agreement was reached.