Iran rules out signing deal with US to end war in 24 hours

Pakistan's Prime Minister Shehbaz Sharif says a peace deal between the United States and Iran will be finalised within the next 24 hours, yet Iran's semi-official Tasnim news agency rules out signing the memorandum of understanding on Sunday because of "the other side's hesitation."

Iranian foreign minister Abbas Araghchi told state TV on Friday Tehran's position on its stockpile of highly enriched uranium has been consistent and that the only acceptable method is its dilution or conversion inside Iran.

During an interview with Iran's state TV, Araghchi says Iran and the US are working toward inking an initial deal to end the war "on all fronts, including Lebanon," and the Memorandum of Understanding about the country's nuclear programme would be finalised in the 60 days after the agreement was struck.

"We are closer than ever to that moment," he notes, adding it is possible to reach the deal within the next few days.

As part of the agreement, the two sides would respect their respective sovereignty, according to the foreign minister.

It is also reported that the emerging deal is expected to pave the way for reopening the Strait of Hormuz, as thousands of seafarers aboard hundreds of ships remain anchored at the mouth of the Persian Gulf.

Araghchi states that Tehran wants a deal to charge vessels passing through the waterway "for services rendered," although the US and other countries have criticised Iran's imposition of toll system as a breach to international laws.

Araghchi has also urged the release of Iran's frozen assets, for which a mechanism has been specified.

Pakistani prime minister confirmed on Friday that Washington and Tehran had agreed to the wording of an agreement.

Earlier, US President Donald Trump called off new strikes against Iran hours after he ramped up threats to seize control of the Islamic Republic's oil and gas industries.

Speaking in the Oval Office on Thursday, Trump said he believes Tehran is on the cusp of coming to an agreement with them over ending the war, but did not give details.

(Reporter: Mr. President, how confident are you that there will be a signing this weekend because you have come close to sealing a deal, but at the last minute it has fallen apart and...)

Trump said: "It'll be soon, maybe this weekend."

(Reporter: And has the Supreme Leader approved this deal, sir?)

Trump said: "I understand the answer is yes."

Meanwhile, media reports say Israel is continuing its military campaign against Hezbollah in southern Lebanon and has advanced into areas that it hasn't been in a quarter century.

Tehran has repeatedly demanded Israel stop that aggression.