Shehbaz Sharif (Photo: Pakistan-premierskantoor/AFP)

The US and Iran may be able to finalize an agreement “within 24 hours” to end the war in the Middle East, announced Pakistan, which is acting as a mediator.

“We are closer to a peace agreement than ever before,” Shehbaz Sharif, Pakistan’s prime minister, announced on X on Saturday. “With the finalization (of the agreement) expected in the next 24 hours, Pakistan is preparing for the electronic signing of the peace agreement immediately thereafter, followed by technical level talks next week.”

Abbas Araghchi, Iran’s foreign minister, wrote in a post on social media on Friday that “the Islamabad memorandum of understanding has never been closer”, referring to the Pakistani capital that previously hosted talks.

However, the US and Iran have issued conflicting information about the content of the agreement, with Iran insisting on its right to enrich uranium and retain control of the Strait of Hormuz.

The strait is an important maritime trade route that carries oil and gas from the Gulf to markets worldwide, but Iran has blocked the waterway since the outbreak of war, insisting that ships must obtain permission from its armed forces before passing through.

The US military responded with its own blockade of Iranian ports in an attempt to stifle the country’s energy exports and deprive it of income.

Fresh hostilities erupted in the strait on Saturday, with the US saying it had shot down several Iranian drones targeting commercial ships.

Trump denied on Friday that the peace deal being finalized favors Iran.

Ishaq Dar, Pakistan’s foreign minister, said in a statement on Saturday that he had spoken with his Swiss counterpart about the peace process, their second conversation in as many days.

The war began in late February when the US and Israel launched airstrikes against Iran, killing its Supreme Leader Ali Khamenei.

Iranian state television announced Saturday that Ali Khamenei’s official state funeral will take place on July 9 in his hometown of Mashhad.

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