Washington: US President Donald Trump said that a deal to end the war with Iran is nearly complete and is expected to be signed over the weekend in Europe. Trump made these remarks at the Oval Office in the White House on Thursday afternoon, hours after calling off military strikes on Iran and threatening to take control of its oil industry.

Trump said Vice President J D Vance is expected to attend the signing ceremony, which could take place in Europe as soon as this weekend.

"We just made a great settlement of the war with Iran. The documents are in pretty final shape, so we'll see. It should be done pretty quickly," Trump said.

The US president said that Iran has agreed not to have a nuclear weapon or purchase one. Trump said the agreement would ensure Iran never obtains a nuclear weapon, which he described as the central objective of the administration's pressure campaign against Tehran.

The president also said the Strait of Hormuz would reopen once the agreement is signed, potentially easing pressure on global energy markets after weeks of military tensions and maritime disruptions in the region.

"Because they have taken a pounding. They got hit very hard," Trump said to a question on how Iran came around to agreeing to a deal.

When asked if Iran's Supreme Leader Ayatollah Mojtaba Khamenei approved the deal, Trump said: "I understand the answer is yes."

No compromise on red lines: Iran
Meanwhile, Iranian media reported Foreign Ministry spokesperson Esmaeil Baghaei as saying that large parts of the text under negotiation have been finalized but Iran would not compromise on its red lines.

"We have not reached a final conclusion on this matter," he said. "This is a very important issue that is currently being reviewed by the relevant decision-making bodies."

Since mid-March, Trump has repeatedly claimed that a deal with Iran to end the war was close. The two sides have traded strikes this week, straining a ceasefire announced in April.

"It's a very strong memorandum of understanding that is a little conceptual," Trump told reporters.

Trump has repeatedly said that any peace deal must ensure Iran cannot develop a nuclear weapon. Iran denies it is seeking such a weapon.

Iran's demands include the lifting of international sanctions, the release of billions of dollars in frozen assets and recognition of its control of the Strait of Hormuz.

Tit-for-tat strikes
The war has killed thousands of people, mainly in Iran and Lebanon, and hit the world economy by pushing up energy prices since the US and Israel launched airstrikes on Iran on February 28. In recent days, the conflict has intensified despite a tenuous ceasefire that took effect in early April.

After a US Apache helicopter was downed, Trump this week ordered new strikes around the Strait of Hormuz over two days.

At the same time, Iran launched missile and drone attacks on US bases in the region. Bahrain's interior ministry said on Thursday an 11-year-old girl suffered minor injuries and homes were damaged after debris fell from Iranian drones that were intercepted and destroyed.

Trump had said earlier Thursday that the United States would hit Iran "very hard tonight" and wanted eventually to take Iran's oil infrastructure hub Kharg Island.

The island handles 90% of Iran's oil exports and seizing it would give the United States the ability to severely disrupt Iran's energy trade, placing enormous pressure on Tehran's economy.

Iranian state media said early on Friday that the country's forces prevented a tanker from transiting the Strait of Hormuz without coordination. One-fifth of the world's energy shipments normally travel through the narrow waterway, but it has been largely shut since the war began.

The conflict has become a political headache for the White House, with polls showing Trump's approval ratings sinking amid voter anger over high gasoline prices.

Some Republicans have openly worried that the war's unpopularity could cost them control of Congress in November's midterm elections.

But Trump's political considerations also include satisfying Iran hawks within his Republican Party, who scuttled a prior effort, that any agreement closes Tehran's path to developing a nuclear weapon.

The reaction of other Middle East powers will also be crucial.

Trump said on social media that the agreement had been approved by countries including Israel, Saudi Arabia, Qatar and the United Arab Emirates.

Prime Minister Benjamin Netanyahu's office said in a statement after the Israeli leader and Trump spoke that Israel was not a party to the memorandum of understanding with Iran.

Netanyahu expressed his appreciation for Trump's commitment to securing a deal that includes removing enriched material, dismantling enrichment infrastructure, limiting missile output and ending support for regional proxies, according to the readout.

Tehran has been demanding an end to Israeli attacks in Lebanon, where fighting has continued in a parallel war between Israel and Iran-backed Hezbollah militants.
(With Reuters, PTI inputs.)