Copied from the NYT:
"Here’s the latest.
President Trump said that the United States and Iran would sign a peace deal on Sunday, though Iran’s foreign ministry publicly cautioned that the timeline could be slower.
“The Deal is scheduled to get signed tomorrow, and immediately after it is signed, the Hormuz Strait is OPEN TO ALL,” Mr. Trump said in a post on his social media platform on Saturday. The post came hours after the prime minister of Pakistan, a key mediator in the negotiations, said the country was preparing for “the electronic signing of the peace deal” followed by “technical level talks next week.”
Neither the United States nor Iran has shared text of the initial deal being considered. But U.S. and Iranian officials have said that under a “memorandum of understanding,” Iran would reopen the Strait of Hormuz, the United States would lift its blockade on Iranian ports and the current cease-fire would be extended for 60 days.
During that period, both sides would commit to holding detailed negotiations over Iran’s nuclear program, where differences persist and neither side has shown much willingness to compromise, and over the lifting of U.S. sanctions on Iran.
Iran earlier on Saturday sought to temper expectations. Esmail Baghaei, a foreign ministry spokesman, said a deal would not be signed on Sunday, though he left open the possibility that one could be in the coming days, according to state media.
There is still the potential for even the initial memorandum of understanding to be derailed. Events overnight underscored the fragility of the moment.
U.S. forces intercepted and destroyed Iranian attack drones that were targeting commercial vessels in the Strait of Hormuz, military officials said.
Fighting has also persisted on Saturday in Lebanon, where Israel and the Iran-backed militant group Hezbollah have been at war for more than 100 days as efforts to establish a lasting cease-fire have faltered. Iranian officials want the broader regional peace settlement to include the fighting in Lebanon and have called for the Israeli military to withdraw from Lebanese territory.
Here’s what else we are covering:
The potential deal: A senior Trump administration official said the proposed agreement was set to establish a 60-day cease-fire that would lead to another, far more complicated negotiation on sanctions relief and Iran’s nuclear program."
But it's not really a peace deal. Rather, it's a limited Memorandum of Understanding (MOU) that commits Iran to open the Strait of Hormuz, the US to end its blockade of Iranian ports, and for both sides to extend the current cease-fire for another 60 days. The heavy lifting that still needs to be done include: an agreement on Iran's nuclear program, sanction relief for Iran, and Israel's invasion/bombing of Lebanon.
I know I'm repeating what's in the article, but given Trump's short attention span and mood swings, even what's known about the MOU is subject to change at any time via social media.