Despite Iranian officials maintaining that reports of a deal with the US to end the conflict in West Asia remain “merely speculation”, a memorandum of understanding between Tehran and Washington is expected to be signed in Geneva, Switzerland, with the proposed agreement reportedly including an extension of the ceasefire, reopening of the Strait of Hormuz and a framework for further talks on the Islamic Republic’s nuclear programme, as reported by CNN citing multiple diplomatic sources.

One of the sources stated that the event would mark the beginning of “phase two” of diplomatic engagement, focused on implementing the memorandum of understanding. The development comes after US President Donald Trump on Thursday spoke of a “great settlement” that could end the conflict.