Iran has denied that Tehran and Washington have reached an agreement on the Islamic Republic’s nuclear program, Fars News reported. It cited unidentified Iranian sources familiar with discussions.

The negotiations have no clauses concerning Iran’s nuclear commitments, the semi-official news service reported Sunday. All matters related to the nuclear program will be deferred for 60-days following the signing of the agreement, it said.

President Donald Trump posted on Truth Social on Saturday that the countries have “largely negotiated” an agreement to end nearly three months of hostilities. The agreement is “subject to finalization between the United States of America, the Islamic Republic of Iran, and the various other countries,” Trump said.

He told CBS News earlier on Saturday that he believed the final agreement would prevent Iran from obtaining a nuclear weapon. He added that he “wouldn’t even be talking about it” otherwise.

Iran has not committed to relinquish its nuclear stockpiles, remove equipment, or shut down facilities, Fars News reported. Tehran has not committed to stopping its nuclear bomb efforts.

U.S., Iran Agree to Restore Shipping

The two have agreed on the release of all or part of Iran’s frozen funds, Fars News reported. Sanctions on oil, gas, petrochemicals, and their derivatives will be temporarily lifted during the negotiation.

Iran will allow shipping through the Strait of Hormuz at pre-war levels and under its management, the news service reported. The U.S. will lift its naval blockade, it added. 

A resumption of shipments through the critical waterway could help ease inflationary concerns in the U.S. Annual CPI inflation rose to 3.8% in April, the highest since May 2023.

The Strait is the “most critical” chokepoint in energy markets," Peter Martin, Wood Mackenzie’s head of economics, said on Wednesday. "The longer disruption persists, the greater the impact on energy prices, industrial activity, trade flows, and global economic growth."

If the Strait remains largely closed in 2026, Brent prices could approach $200 a barrel by end-2026, Wood Mackenzie said. 

Rubio Hints At Strait Resolution 

Secretary of State Marco Rubio said there may be "some good news" regarding the Strait. "I do think there's some good news on that front, but not final news," Rubio told reporters on Sunday during a visit to India. 

A day earlier, Rubio told Indian Prime Minister Narendra Modi that the U.S. will not let Iran hold the global energy market hostage, U.S. State Department spokesperson Tommy Pigott said. 

More than 200 U.S. aircraft and warships have prevented 100 ships from entering and exiting Iranian ports since April 13, Central Command said on Saturday in an X post. In addition, more than 15,000 U.S. military personnel have disabled four vessels and allowed 26 humanitarian aid ships to pass.

The U.S. naval blockade costs Iran about $435 million a day in combined economic damage, Miad Maleki, a senior fellow at the Foundation for Defense of Democracies, a nonpartisan think tank in Washington, said in April. The International Monetary Fund projects that the Iranian economy will contract by 6.1% this year, with 68.9% inflation. 

Uranium Sticking Point

The U.S. and Iran have been unable to agree on how to resolve their differences over Iran's nuclear program. Trump told CBS News on Saturday that the agreement could result in Iran’s enriched uranium being “satisfactorily handled.” 

However, Iran said on Saturday that the nuclear issue wasn’t a part of an initial framework to end the war. Foreign Ministry spokesman Esmaeil Baqaei said that the nuclear file will be “subject to separate discussions.”

The hardline stance on the nuclear file appears to reflect a broader posture of defiance in Tehran. Military commanders signalled that any breakdown in talks would carry serious consequences. 

The Islamic Revolution Guard Corps warned that any renewed attack against Iran would trigger a "hellish" response. Iran would extend its attacks across West Asia and beyond the region. 

"Any renewed assault by the enemy will be met with a devastating and hellish response on regional and trans-regional scales," the commander warned.