U.S. President Donald Trump and mediator Pakistan said on Saturday an initial deal to end the war in the Middle East would be signed on Sunday, although Iran denied ​the signing would take place so soon, Reuters reported.

Pakistani Prime Minister Shehbaz Sharif said the two sides had agreed on a framework for a peace deal and that Islamabad was preparing for an electronic signing on Sunday, ‌to be followed by technical-level talks next week.

Trump said in a social media post that the deal with Iran was scheduled to be signed on Sunday and that the Strait of Hormuz, a vital artery for global oil supplies which Iran has blocked, would be immediately “open to all” after it was signed.

Earlier on Saturday, Iranian Foreign Ministry spokesperson Esmaeil Baghaei cautioned against commenting on the timing of the signing.

“We will have to wait and see about the exact date of the signing of the memorandum of understanding, although it will not be tomorrow,” state media quoted ​Baghaei as saying.

“The possibility of this happening in the coming days cannot be ruled out. However, due to the hesitation of the other side, we must be cautious in making any comments about this process.”

A U.S. official ​who spoke to reporters later declined to be drawn on the timing but said: “It’s a great deal and a very strong deal.”

It is not the first time the two sides ⁠have appeared close to an initial agreement on ending the war that began on February 28 with joint U.S.-Israeli strikes on Iran. Sharif said on X: “We are closer to a peace deal than ever before.”

The war has sent global energy ​prices sharply higher and killed thousands of people, mostly in Iran and Lebanon, where the war has revived a conflict between Israel and Iran-aligned Hezbollah militants.

On Friday, Iranian Foreign Minister Abbas Araqchi said that while changes in the deal were still ​possible, the tentative agreement showed his country had emerged stronger from the conflict, read the report.

Hours after those remarks, U.S. forces shot down multiple Iranian one-way attack drones heading toward the Strait of Hormuz, a source familiar with the matter told Reuters, which first reported the shootdowns.

The source, who spoke on condition of anonymity, said the drones had posed a threat to commercial traffic. U.S. Central Command later confirmed the action and said the strait, a major artery for global oil supplies, was open.

Iran has for months effectively blockaded the strait, and the U.S. navy has blocked Iranian ​ports to reduce its oil exports.

As pro-government night rallies continued across Iran for more than 100 nights, residents and news agencies reported slogans being chanted by opponents of the agreement with the U.S.

A resident in the northeastern city of Mashhad ​told Reuters in Dubai that some protesters chanted: “Death to the compromiser,” in an apparent reference to Foreign Minister Araqchi. “Compromiser, resign, resign.”

The proposed memorandum of understanding calls for reopening the strait and lifting the U.S. naval blockade, sources on all sides of the talks said. Negotiations ‌over Iran’s nuclear ⁠program – Trump’s stated rationale for starting the war – would take place afterwards.

“Iran is going to open up the Strait of Hormuz, that’s a requirement. It could be open with no tolls. As they do that, we will lift our blockade,” said the U.S. official who spoke on Saturday.

“It’s going to happen in conjunction, and part of the next step, the phase after that, is going to be the demining of the straits,” the official said, indicating countries in the Group of Seven major powers could have a role in this.

Trump discussed the efforts to end the Iran conflict in a call with British Prime Minister Keir Starmer, Downing Street said on Saturday.

Draft terms described to Reuters by multiple sources indicate the U.S. would begin releasing ​billions of dollars in frozen Iranian assets and waive sanctions ​on its oil exports, in return for Iran opening ⁠the strait.

Iran’s Fars news agency quoted Baghaei as saying the release of Iran’s frozen assets was an integral part of the agreement and also that Iran would have to charge for services in the Strait of Hormuz, Reuters reported.

Fars also quoted him as saying foreign military bases in the region must end without providing details.

Iran’s nuclear program would be addressed during a 60-day period ​of talks. A U.S. official said the agreement would ultimately lead to the dismantling of Iran’s nuclear program, with its stockpile of highly enriched uranium to be destroyed and ​removed.

But Araqchi said that Iran, which ⁠sources said has not accepted the dismantling of its nuclear program, wanted to retain the uranium in diluted form.

The proposals also include discussion of possible war reparations for Tehran and dropping longstanding U.S. demands for limits on Iran’s missile program, the sources said. The U.S. official disputed that account.

Israeli Prime Minister Benjamin Netanyahu said his country would not be party to the agreement. He has clashed with Trump over U.S. demands that Israel curb military action in Lebanon to allow Washington to reach a ⁠deal with Tehran.

Araqchi ​said the agreement would end the war in Lebanon, implying an Israeli withdrawal from occupied areas.

Israel’s defence minister said it would not withdraw. A ​senior Israeli official said Israel expects to retain its freedom to act against threats.

Iran’s supreme leader, Ayatollah Ali Khamenei, was killed in an airstrike on the first day of the war and later replaced in the role by his son Mojtaba. Khamenei’s funeral will begin in Tehran on July 4 and conclude ​with his burial in his hometown, the northeastern holy city of Mashhad, on July 9, Iranian state media reported on Saturday.

SpaceX’s record-breaking initial public offering (IPO) has propelled Elon Musk to become the world’s first trillionaire, marking a historic milestone in global wealth rankings.

The company raised a record $75 billion in its IPO on Thursday, underscoring strong investor confidence in Musk’s business empire. Prior to the share sale, Forbes estimated Musk’s net worth at around $780 billion, already placing him far ahead of other billionaires.

According to Reuters calculations based on company filings, Musk’s stake in SpaceX is now valued at roughly $866 billion, pushing his total net worth above $1.1 trillion as trading begins on Friday.

Analysts say the unprecedented surge places Musk well ahead of other wealthy figures, with the second-richest individuals remaining far below the trillion-dollar mark. Forbes Wealth Deputy Editor Matt Durot noted that no other billionaire has come close to Musk’s projected valuation.

Musk, who built his fortune through Tesla, Inc. and SpaceX, expanded his influence further after acquiring social media platform X Corp. in 2022 for $44 billion.

Despite criticism over his growing political involvement and corporate governance controversies, investors continue to back Musk’s ventures, cementing his position as one of the world’s most influential business figures.

The 54-year-old entrepreneur, born in Pretoria, has transformed industries ranging from electric vehicles to space technology, with Tesla’s success accelerating the global shift toward electric transportation.

British defence minister John Healey quit on Thursday over a months-long dispute over military spending, accusing ​Prime Minister Keir Starmer of failing to commit the resources that are needed to keep the country safe from mounting threats, Reuters reported.

The resignation, accompanied by a scathing critique of ‌the prime minister, is another indication that Starmer’s authority is draining away and exposes a crisis at the heart of the government – how it can ramp up defence spending when there is little money to spare and the welfare budget keeps rising.

Healey, a previously loyal minister, had been locked in talks with Starmer and finance minister Rachel Reeves over how to meet the additional military spending needed, delaying Britain’s Defence Investment Plan, which was due last year.

“You have ​been unable, and the Treasury has been unwilling, to commit the resources that the nation needs to defend the country,” Healey said in his letter to Starmer.

Starmer responded ​with a letter expressing regret at Healey’s resignation and by appointing the security minister, Dan Jarvis, as defence secretary.

But around the same time ⁠as that appointment, a junior defence minister, Al Carns, also quit, saying the spending plans were “not built for the threat we face.”

The unexpected resignations are another blow to Starmer, ​who is likely to face a challenge to his leadership in the coming months.

Starmer’s health minister, Wes Streeting, resigned last month, accusing the prime minister of lacking a vision, and another challenger, Greater Manchester ​Mayor Andy Burnham, is attempting to return to frontline politics to launch a leadership bid.

Britain, historically a great military power, was left exposed in March when it was unable to immediately deploy an advanced warship to Cyprus after its air base there was hit by an Iranian-made drone, read the report.

Already contending with the U.S.pivot away from protecting Europe, Britain is now the third-biggest spender in NATO, having been overtaken by Germany in 2024, and the investment plan was aimed at bringing the ​armed forces to a state of “warfighting readiness.”

Starmer has pledged the largest sustained increase in defence spending since the Cold War, aiming to lift it to 3% of national output in the next ​parliament, meaning tens of billions of pounds of additional money for defence.

But Healey said the plan he had seen would increase defence spending to only 2.68% in 2030, when it will already reach 2.6% next year.

That ‌compares to Germany’s ⁠plans to spend 3.7% of its GDP on defence by 2030. France is set to be lower than Britain at 2.5%.

General Richard Barrons, formerly commander of the Joint Forces Command and an author of a defence review in 2025 which was supposed to inspire the spending plan, told Reuters that he was angry to see the government fail to deliver.

“It’s clear they understand the risk that the UK is facing. And they say the right things about defence, and then they are guilty of failing to match those words with money,” he said.

Healey said Starmer’s proposed increase in funding ​for defence fell “well short” of what was needed ​to help the military meet increased threats ⁠from Russia as well as demands to increase its presence in the Arctic and the Middle East.

The government has struggled to find the extra cash at a time when the economy is stagnating and both debt and the overall tax burden are at or close to their highest level in decades.

Healey, who had previously served in the governments of former Prime Ministers Tony Blair and Gordon Brown, was widely liked by ​colleagues and the defence sector.

One ⁠Labour lawmaker said the resignation was a “hammer blow to Starmer.” Another said it was now inevitable Starmer would be forced out of his job within months. A third said it had taken the Labour defence team completely by surprise, Reuters reported.

About a quarter of Starmer’s lawmakers have called for him to step down after his Labour Party in early May suffered the heaviest losses for any British prime minister in local elections in ⁠more than ​three decades.

Healey’s departure, less than a month before a NATO summit, will not help.

Kevin Craven, the head of Britain’s ​defence lobby group ADS, said Healey’s resignation was a “damning reflection” of Starmer’s approach.

“The consequences for the UK, and indeed our allies, of getting our Defence Investment Plan wrong – as now seems certain – are of a magnitude far beyond our worst fears,” ​he said.