The deal which will pave the way for hostilities to end is close to being finalised, the US, Iran and mediators Pakistan say.

Fox News chief national security correspondent Jennifer Griffin has the latest on U.S.-Iran peace negotiations on ‘Hannity.’

Iran and the US continue moving toward an understanding that would open the Strait of Hormuz and could pave the way for a lasting peace. Senior officials suggested a deal could be at hand by the time Group of Seven world leaders convene next week in the French Alps.

US President Donald Trump trumpeted a “great settlement” that could resolve the war with Iran, suggesting it would be finalized in the coming days. Follow for live news updates.

In a post on social media, President Trump says he called off planned strikes on Iran and signaled he expected a deal between countries to be agreed to soon.

President Trump called off planned strikes on Iran and said a deal to end the war has been all but finalized. Doug Luzader has the latest from Washington, D.C.

The US president's reaction came as Iranian media reported purported details from the alleged agreement that included much of what Tehran has been demanding and the US rejecting.

President Trump said Thursday that the U.S. would launch "very hard" new strikes on Iran within hours and seize vital Iranian oil infrastructure, including Kharg Island. Natalie Brand reports