A deal appears to be emerging between the United States and Iran to end the war and open the Strait of Hormuz, and US President Donald Trump over the weekend said it had been "largely negotiated".

It is not clear when or how the deal might be finalized and when its various parts will take effect.

Here's what we know and don't know:

The war would end

In the 12 weeks since the US and Israel launched the war with attacks on Iran that killed senior officials including Supreme Leader Ayatollah Ali Khamenei, Tehran has insisted that any deal focus on ending the fighting on all fronts.

That includes Lebanon, where the Iranian-backed Hezbollah militant group has been fighting Israel since two days into the war.

A fragile ceasefire has held since April 7.

An end to the war would ease concerns throughout a region that saw Gulf havens and travel hubs like the United Arab Emirates struck by Iranian missiles and drones.

It would allow for global shipping, including an estimated 20% of the world's oil and natural gas, to begin flowing through the Strait of Hormuz again.

It also would allow the rebuilding of energy and other infrastructure in the region.

Regional officials said the draft deal includes an end to the war between Israel and Hezbollah, as well as a commitment to not interfere in the domestic affairs of countries in the region including Iran.

That's a critical reference to Iran's support for proxies, which also include the Houthi rebels in Yemen, Hamas militants in Gaza and Shiite armed groups in Iraq.

The US wants Israel to have a free hand to respond to what it views as threats in Lebanon while Iran rejects it, one regional official said.

The US official said the deal would guarantee Israel's right to act against imminent threats in self-defense.

The Strait of Hormuz would reopen gradually

Iran's nuclear program, missile program and support for armed proxies were the stated reasons for the US and Israel attacking Iran.

But Tehran's retaliatory grip on the Strait of Hormuz quickly shot to the top of global concerns as hundreds of ships carrying oil, natural gas, fertilizer and other supplies were stranded.

Under the emerging agreement, the strait would gradually reopen in parallel with the US ending the blockade of Iran's ports it launched on April 17, the regional officials said.

The blockade has limited Iran's ability to ship its oil and bring in badly needed cash for its long-suffering economy.

The US would allow Iran to sell its oil through sanctions waivers, said one of the officials, who has been briefed on the negotiations.

Sanctions relief and the release of Iran's billions of dollars in frozen funds would be negotiated during a 60-day period, the official said.

Iran would give up its stockpile of highly enriched uranium

Iran's nuclear program and international concerns over its possible pursuit of a nuclear weapon underlie all tensions, and the US and Israel have considered highly complex military operations to go in and take out its highly enriched uranium.

Under the potential deal, Tehran would agree to give up that stockpile of highly enriched uranium, according to the regional officials.

One official, with direct knowledge of the negotiations, said how Iran would give it up would be subject to further talks over the 60-day period.

Some would likely be diluted and the rest transferred to a third country, potentially Russia, the official said.

Russia has offered to take it.

A US official confirmed the 60-day period and said if Iran doesn't give up its stockpile, there will be no sanctions relief.

Iran has 440.9 kilograms of uranium that is enriched up to 60% purity, a short, technical step from weapons-grade levels of 90%, according to the International Atomic Energy Agency.

Iran says it has an "inalienable" right to nuclear technology while insisting its program is peaceful.

On Sunday, President Masoud Pezeshkian told state TV they were ready "to assure the world that we are not after a nuclear weapon".

Trump on Sunday on social media said that "our relationship with Iran is becoming a much more professional and productive one".

"They must understand, however, that they cannot develop or procure a Nuclear Weapon or Bomb."

What appears to be missing

Other issues have not been mentioned in descriptions of the emerging deal, including the status of Iran's uranium enrichment.

Another is Iran's missile program, which Israel in particular has sought to destroy.

And while the United States and Israel entered the war with stated ambitions of seeing Iranians rise up against their government after nationwide protests early in the year, any discussion of leadership change in Tehran appears to be out.

As for Iran's past stated aims during negotiations, there appears to be no mention of any withdrawal of US forces from the region, or for reparations for the damage the war has caused.

Iran says the deal is not yet imminent 

Iran warned on Monday that, while some progress had been made, it was not yet close to striking a deal with the United States to end the Middle East war, after a weekend of mixed messages from Washington and Tehran.

"We thought we might have some news last night, maybe today," US Secretary of State Rubio told reporters during a visit to New Delhi, referring to hopes for a deal.

"We have what I think is a pretty solid thing on the table in terms of their ability to open up the straits, get the straits open," he said.

"We're either going to have a good agreement or we're going to have to deal with it another way. We'd prefer to have a good agreement," he said.

But in Tehran, foreign ministry spokesman Esmaeil Baqaei poured cold water on hopes for a quick final settlement.

'Certain fees'

"It is correct to say that we have reached a conclusion on a large portion of the issues under discussion," he told a weekly news briefing. 

"But to say that this means the signing of an agreement is imminent -- no one can make such a claim." 

Baqaei stressed that Iran would continue to manage maritime traffic through the Strait of Hormuz by charging service fees, arguing that this did not amount to Tehran "seeking to collect tolls".

"The services that are provided - navigational services in addition to the measures necessary to protect the environment of the Strait of Hormuz, the Persian Gulf and the Sea of Oman - require the collection of certain fees," he said.

Earlier, Trump had said that he had told his negotiators "not to rush into a deal, in that time is on our side", and warned that the US naval blockade would remain in place until a deal was reached. 

A post on Trump's Truth Social read: "If I make a deal with Iran, it will be a good and proper one," adding that "it isn't even fully negotiated yet".

Israel's Prime Minister Benjamin Netanyahu said on Sunday that he and Trump had agreed that "any final agreement with Iran must eliminate the nuclear threat entirely".

Calls for peace from the region and beyond

Iranian officials have stressed that, despite the long-standing US demand for an end to its uranium enrichment, talks on the issue of Iran's contested nuclear programme have been deferred until after an initial agreement.

On Saturday, leaders from Saudi Arabia, the United Arab Emirates, Qatar, Egypt, Jordan and Bahrain, as well as representatives from Türkiye and Pakistan, joined a call with Trump to discuss the deal.

The focus of international efforts moved to Beijing on Monday, where Pakistan's Sharif and army chief Asim Munir, who visited Tehran on Saturday, met senior leaders including President Xi and Premier Li Qiang.

Speaking to Chinese leaders, Sharif said "the world is passing through a critical moment", Pakistan's state-run PTV channel showed. 

"Things are moving in the right direction. I would like to thank China's support to promote peace."

China's Foreign Ministry spokesperson, Mao Ning, stated that finding a solution to the ongoing war between the US and Iran would benefit the entire world.

She added that this was a war that should never have happened in the first place.