Thursday began with US President Donald Trump threatening to hit Iran "very hard" with new strikes and possible take over Kharg Island, a major oil terminal off the coast of Iran.

Here's what else happened over the course of the day:

• Trump later called off another round of military strikes against Iran, saying on social media that progress has been made towards a deal
• He told reporters in the Oval Office that a memorandum of understanding (MOU) is in “final shape” and could be signed as early as this weekend, potentially in Europe
• Trump says the agreement aims to ensure Iran never acquires nuclear weapons and that a US naval blockade of the Strait of Hormuz would be lifted immediately upon signing
• Despite Trump’s statements, Iran’s Foreign Ministry spokesman told Iranian state TV a deal is not yet finalised, accusing the US of making "excessive demands" and adding new requests to the negotiations
• Trump spoke with a regional allies across the Middle East about the negotiations and both he and the Iranians acknowledged the role of the Qatari government as mediators
• Following the announcement that the US strikes were called off, Brent crude oil prices dropped below $90 a barrel, while US stock markets closed the day with gains

We're closing our live coverage of the Middle Eastern conflict for today, but you can read more here: Trump says deal to end Iran war is close after calling off strikes

Ghoncheh Habibiazad
Senior reporter, BBC Persian

When reading through official Iranian news agencies, it mostly comes down to viewing them through the lens of their affiliations and political alignments, broadly ranging from hardliners to reformists.

But sometimes they become unified in voice.

Several Iranian outlets labelled Trump’s cancellation of attacks on Iran tonight a “retreat”.

A hardline outlet close to Iran’s IRGC (Islamic Revolutionary Guard Corps) accused Trump of making “several false and paradoxical claims” since the start of the war on 28 February.

Some of these outlets are also quick to quote what they call “informed sources” and their reactions following announcements by the US.

But sometimes these official outlets, especially during the war, take hours or even days to announce certain news, such as the killing of Iranian commanders and officials.

Nevertheless, reading these official outlets and monitoring their behaviour can offer a window to Iran’s complex political landscape.

Image source, Reuters

President Trump has said that the memorandum of understanding with Iran could be signed this weekend, possibly in Europe.

The MOU is not a final deal in itself, but an agreement to negotiate in good faith toward reaching a final deal to end the war.

Trump says he will not be present for the MOU signing, but that Vice President JD Vance will be there. Vance has previously attended negotiations with Iran in Pakistan.

This weekend, Trump will be celebrating his 80th birthday with a scheduled UFC fight at the White House on Sunday night before he heads to the G7 meeting in France in the early hours of Monday.

Trump and Israeli Prime Minister Benjamin Netanyahu spoke today about the US's memorandum of understanding with Iran, the prime minister's office says.

Israel is not part of the MOU, but Netanyahu appreciates Trump's commitment to ensuring that the final agreement includes several key points, a statement reads.

Those points include "the removal of enriched material, the dismantling of enrichment infrastructure, limits on missile production, and the cessation of Iran's support for its terrorist proxies in the region", the office says.

Ghoncheh Habibiazad
Senior reporter, BBC Persian

Talks between Tehran and Washington have reportedly been taking place recently through exchanges of messages between the two countries.

One round of negotiations took place on 11-12 April but did not result in an agreement.

Reading through what Iranian officials and media outlets have been saying since the ceasefire between Iran and the US began, several key demands have emerged.

Iran appears to be seeking:

• US guarantees against any further attacks
• The withdrawal of US forces from Iran's vicinity
• The lifting of the US naval blockade of Iran's southern ports
• The removal of US sanctions
• An end to the conflict on all fronts, including Lebanon
• The unfreezing of Iranian assets

More broadly, these conditions could have impacts, one way or another, on Iran's economy.

Tehran is estimated to have more than $24 billion in frozen assets held in foreign banks.

Iran's economy has suffered under years of Western sanctions and, together with the unfreezing of these assets, their removal could help Iran rebuild an economy that has been significantly affected by the war.

Image source, Reuters

As we heard from US President Donald Trump, today he spoke with allies across the region, including the Emir of Qatar Sheikh Tamim bin Hamad Al Thani.

During their conversation, they "reviewed" the discussions between the US and Iran thus far, according to the Qatari government.

A statement from the Emir's press office says that both leaders "reviewed the results of the consultations and understandings that took place between the United States of America and the Islamic Republic of Iran, which led to progress in the understandings presented within the framework of the negotiating track."

It continues: "The US President affirmed that the understandings reached had the approval of all concerned parties, with the participation and support of a number of sisterly and friendly countries, including the State of Qatar, while efforts continue to complete the final procedures in preparation for announcing the arrangements for signing the agreement."

Since February, Qatar has reported being targeted by Iranian strikes.

Trump names Qatar as one of the "involved" mediators that has "approved" the latest peace negotiations between the US and Iran.

The spokesperson for the Iranian foreign ministry confirmed this in his remarks today.

Rachel Clun
Business reporter

Oil prices have fallen below $90 a barrel after the US President claimed a deal with Iran could be signed by this weekend.

Global oil benchmark Brent crude was trading just about $89.10 a barrel after US markets closed, down 4.75% on the day.

It’s one of the lowest prices since the conflict began on 28 February, but still well above the roughly $70 a barrel it traded at in the lead up to the war.

Major US markets closed up, with the Dow Jones up 1.86%, the S&P 500 up 1.75% and the tech-heavy Nasdaq up 2.54%.

Ghoncheh Habibiazad
Senior reporter, BBC Persian

Iran Foreign Ministry spokesperson Esmail Baghaei was live on a phone call on state TV news channel minutes ago.

Baghaei said reports and claims regarding a potential agreement are speculative, and “nothing has been finalised”.

“Iran has not yet reached a final conclusion regarding an agreement,” according to him.

Baghaei said that the majority of the text had already been “finalised” but the US was making “excessive demands” and adding “new requests”.

He also denied that Iran had intended to “give way under pressure” and maintained that Iran would not “depart from its red lines”.

Baghaei said that Qatar has also been acting as a mediator between Iran and the US as well as Pakistan.

He also blamed the US for the current situation in the Strait of Hormuz, saying US has made it “less secure” with its actions.

After threatening and then calling off renewed strikes on Iran, US President Trump has said that Washington and Tehran are once again close to a deal.

Here's what we heard from the president in the Oval Office moments ago:

• Without explaining further, but referencing remarks he made on social media earlier in the week, Trump says the Strait of Hormuz "has been open for months and you [reporters] didn’t know about it"
• Documents related to a deal with Iran are "in pretty final shape" and "should be done quickly", Trump says
• A deal signing may happen this weekend in Europe, he adds
• But he doesn't want to set a deadline for the deal, he says. "It doesn't matter much because it's going to get signed"
• Trump says he understands that Iran's Supreme Leader has agreed to the deal
• Once a deal is signed, the US naval blockade of the Strait of Hormuz will be lifted immediately, Trump says, adding that Iran has also agreed to no nuclear weapons
• The deal is a "very strong" and "very detailed" memorandum of understanding that is "a little conceptual", Trump says

Trump is asked if this "concept" of an agreement, as he said previously, is just setting the stage for deeper talks.

"It's a very strong memorandum of understanding that is a little conceptual, but it's something that's going to get done," Trump says.

"It's a very detailed memorandum of understanding, also agreed to by many other countries that have great influence over them, and everybody wants it done."

A reporter mentions that Trump has said in the past that the US and Iran were close to a deal, and asks why this time is any different.

"Because they've taken a pounding," Trumps says. "They've taken a pounding like very few people could take. And they want to make a deal a lot more than I do."

Answering a separate question, Trump says what has changed is Iran's "level of enthusiasm" for a deal.

Image source, Getty Images

Taking questions from reporters in the Oval Office, Trump is asked how confident he is that there will be a deal signed with Iran this weekend.

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

When asked if Iran's Supreme Leader has agreed to the deal, Trump says "I understand the answer is yes."

Once a deal is signed, the US naval blockade of the Strait of Hormuz will be lifted immediately, Trump says, adding that Iran has also agreed to no nuclear weapons.

Image source, Getty Images

Speaking at the White House, Trump says the US has "just made a great settlement of the war with Iran".

He continues: "We're going to be subject to finalisation of documents. It should get done over the next few days."

Trump says there will "probably be a signing, maybe in Europe" once the documents are finalised, and it should be done "pretty quickly".

"We have a deal that Iran will never have a nuclear weapon, which was the whole purpose of what we had to go through to get this. So, it's a very big thing."

The US president reiterates there will be a "signing soon" and the documents are in "pretty final shape - so we'll see".

Trump says the Strait of Hormuz will also open "as soon as we have it signed".

He also says he's spoken to leaders in the region, including Gulf allies and Israeli Prime Minister Benjamin Netanyahu, adding: "the whole Middle East is very happy".

We're now hearing from US President Donald Trump, who says documents related to a deal with Iran are "in pretty final shape" and "should be done and done quickly".

It follows his Truth Social, where he called off strikes on Iran tonight.

Stay with us for more updates shortly.

Rachel Clun
Business reporter

The price of oil has fallen following the cancellation of fresh US strikes on Iran.

Brent crude, the global benchmark for oil, plunged below $90 a barrel following President Donald Trump’s announcement that he had called off the strikes.

It has since recovered slightly, hovering around $90.4 a barrel to be down 2.6% on the day.

The price of oil has been below $100 a barrel since the last week of May, but it remains much higher than before the US and Israel war with Iran began - in the lead up to the conflict, Brent was trading at about $70 a barrel.

A deliberate strategy, or a flip flop from Trump?published at 20:00 BST

20:00 BST

Gary O'Donoghue
Chief North America correspondent

There’s a live debate here in Washington about whether Donald Trump’s mixed messaging on Iran is a deliberate strategy, designed to keep the Iranian regime guessing – or simply a flip flop.

If it is meant as a pressure tactic, it doesn’t seem to have worked over the 104 days since the conflict began.

For weeks, the president has repeatedly said that a deal was imminent. I remember talking to a senior administration official last month, who told me it was probably 24 hours away.

It's curious that Trump's latest post goes a step further, with the mention of a time and place of signing to come shortly.

That's promising a little bit more than we've had before.

Even so, these things can turn in a moment, and there is still the risk of a fresh tit-for-tat escalation.

Image source, Getty Images

Earlier today, US President Donald Trump vowed to hit Iran "very hard" tonight. An hour ago, he said that he has "cancelled the scheduled strikes and bombings".

Here's a look back at what he's said throughout the day:

Fresh threats: Trump earlier warned the "US will be hitting Iran VERY HARD TONIGHT", in a post on Truth Social.

Taking Kharg Island: In the same post, Trump said the US will be "taking Kharg Island", a major oil terminal off the coast of Iran, "in the not too distant future". He also said the US would "assume total control of their oil and gas markets".

Not sure US has the stomach: The US president raised doubts over his threat to seize Kharg Island. He told Fox News he's not sure the US "has the stomach" to engage in such a military operation.

Strikes cancelled: In his latest Truth Social post, Donald Trump said he had cancelled strikes against Iran tonight.

Signing to be announced shortly: Trump, without providing more detail, said final points" have been approved "in both concept and great detail", by all parties, including Israel, Pakistan, and other Arab and Gulf countries. "Time and place of the signing to be announced shortly," he said.

Blockade remains in full force: However, he said the naval blockade of Iran's ports would "remain in full force and effect" until "this transaction is finalized".

Trump's confusing message raises fresh questionspublished at 19:20 BST

19:20 BST

Daniel Bush
Washington correspondent

President Donald Trump's mixed messaging on Iran continued Thursday with a confusing social media post in which he called off new air strikes and appeared to promise that a deal to end the war was close at hand.

Trump has been teasing a deal for months, all while threatening to escalate the war. The approach hasn't worked so far, as Iran hasn't shown any willingness to bend to Washington's demands to give up its nuclear programme.

What Trump hoped to accomplish with his latest Truth Social message is unclear.

He left key details unanswered and raised fresh questions about the state of the negotiations, which have been stalled for weeks over the nuclear programme and other issues.

Trump said that "final points" had been agreed to "both in concept and great detail" but didn't specify what they were.

He claimed the plan was approved by the US and numerous countries across the Middle East -- but didn't include Iran on the list.

The president also said plans for a signing ceremony for the deal would be announced "shortly".

He's made that promise several times before, in what has become a pattern for communications out of a White House that is struggling to find a way to wind down the war.

Image source, Getty Images

Donald Trump, in his latest Truth Social, says he has cancelled strikes on Iran tonight and that "final points have been, in both concept and great detail, approved by all parties involved".

We're yet to hear from Iran, or any of the other countries Trump cites in his post.

The US president adds, though, that the US naval blockade on Iranian ports in the Strait of Hormuz will "remain in full force".

What is the naval blockade?

It is a US operation to stop ships from entering and leaving Iranian ports as a means to restrict Tehran's ability to profit from oil exports.

US forces are likely to be using satellite and commercial intelligence to monitor which ships are leaving Iranian ports, and waiting for them to sail into the open Indian Ocean before intercepting them.

It began on 13 April in retaliation to restrictions on the Iranian-controlled Strait of Hormuz, a vital global shipping route that sees 20% of oil and natural gas pass through.

• A very quick guide to the Strait of Hormuz

US President Donald Trump has just posted on Truth Social:

Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening.

Discussions and final points have been, in both concept and great detail, approved by all parties involved, including the United States, Israel, Saudi Arabia, UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, Egypt, and others.

The Naval Blockade will remain in full force and effect until this Transaction is finalized — Time and place of the signing to be announced shortly.

DONALD J. TRUMP

PRESIDENT OF THE UNITED STATES OF AMERICA