Iran live updates: Trump says agreement with Iran could be signed as early as this weekend

Trump told reporters in the Oval Office Thursday that the U.S. and Iran could sign a deal in days.

"We just made a great settlement of the war with Iran. And we're going to be subject to finalization of documents we should get done over the next few days and probably have a signing, maybe in Europe. And it's a great thing," Trump said.

The president indicated that he would not be present but that Vice President JD Vance and other administration officials would go.

Trump also claimed that the Strait of Hormuz will "officially open" the moment a deal is signed, later affirming that the U.S. will lift the naval blockade in the waterway as "part of the deal" that is currently being considered.

Later, when asked if the U.S. will immediately lift the blockade, Trump answered, "Yes, that’s part of the deal, and you’ll have oil prices dropping like a rock."

-ABC News' Emily Chang

President Donald Trump said Thursday the U.S. and Iran are close to reaching a deal -- claims he has often repeated in the past.

Asked by ABC News' Senior Political Correspondent Rachel Scott why this time is different, Trump replied, "Because they've taken a pounding. They've taken a pounding like very few people could take. And they want to make the deal a lot more than I do. "

The president also said a deal with Iran could be signed as early as this weekend calling it a "very strong memorandum of understanding that is a little conceptual."

President Donald Trump spoke with Israeli Prime Minister Benjamin Netanyahu on Thursday about the memorandum of understanding being formed between the U.S. and Iran, acknowledging that Israel was not a party to it.

"Although Israel is not a party to the memorandum of understanding, the Prime Minister expressed his appreciation for President Trump's commitment that the final agreement at the end of the negotiations will include the removal of enriched material, dismantling of enrichment infrastructure, limiting missile production, and ending Iran's support for its terrorist proxies in the region," the prime minister's office said in a statement Thursday.

President Donald Trump and Emir of Qatar Sheikh Tamim bin Hamad Al Thani held a phone call on Thursday where they "reviewed the results of the consultations and understandings" between the U.S. and Iran.

The Qatari government said Trump "affirmed that the understandings reached had the approval of all concerned parties" while "efforts continue to complete the final procedures in preparation for announcing the arrangements for signing the agreement."