Iran-US war latest: Oil prices drop below $100 as Trump says peace deal will ‘not be rushed’ - Marco Rubio says the US will either have a good agreement with Iran or deal with the country ‘another way

The deal under discussion would involve a 60-day ceasefire extension during which the Strait of Hormuz would be reopened, US media reports.

Ex-CIA director David Petraeus said that an initial successful peace deal with Tehran would see the Strait opened without any conditions.

U.S. President Donald Trump said Sunday (May 24) he had told his representatives not to rush into any deal with Iran, as his administration played down hopes of an imminent breakthrough in the three-month-old war that had been raised a day earlier.

Washington says a new Iran framework is “95% complete,” while President Masoud Pezeshkian claims Tehran is “not seeking nuclear weapons” as final negotiations continue over uranium stockpiles and the Strait of Hormuz.

Negotiations are "in a very good place," a senior Trump official said, but, a deal to end the Iran war likely will not be signed this weekend.

WASHINGTON/ISLAMABAD, May 25 (Reuters) - The United States will either have a good agreement with Iran or deal with the country "another way," Secretary of State Marco Rubio said on Monday, as Washington played down hopes for an imminent breakthrough in the three-month-old war.

President Donald Trump will hold a call Saturday on the situation with Iran and "leaders from nations including Saudi Arabia, Qatar, the UAE, Egypt, Jordan, Turkey and Pakistan" will join, a regional official told Fox News.

Officials at the highest levels of the Iranian government say they don't know where Mojtaba Khamenei is and have no way to contact him directly, relying instead on a network of couriers.

Iran and the United States have signaled they are closing in on an agreement to turn the existing ceasefire that ended weeks of conflict into a more long-lasting settlement.