Three Indian sailors killed by US missile near Oman, as US and Iran exchange strikes - BBC

Our live coverage has concluded, but you can read more about today's events here: Trump says deal to end Iran war is close after calling off strikes

Donald Trump says he has "cancelled" strikes against Iran saying negotiations with Tehran were "brought to the highest level of Iranian leadership and approved"

"Discussions and final points have been, in both concept and great detail, approved by all parties involved," Trump says - elaborating further in remarks in the Oval Office

However, Iran says a deal is yet to be finalised and earlier warned the US of an "endless quagmire that you will be stuck in for years" about more strikes

Trump's mixed messaging on Iran has left key details unanswered and raised fresh questions about the state of negotiations, writes our Washington correspondent

Edited by Oliver O'Connell

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.

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.