It’s been an eventful day, with the most substantial development we have seen so far in reaching a peace deal.

The tentative agreement comes more than three months after the US and Israel launched strikes Iran. But a lot of questions remain.

This helpful explainer addresses what we know, and don’t, so far.

Hello and welcome to our live coverage of events in the Middle East, with the US and Iran agreeing to a tentative deal to end the war.

There are still many details to be ironed out after an MoU is expected to be signed in Geneva on Friday.

Here is what we know so far.

• The US and Iran have reached a tentative peace deal to end the war, although many critical questions and details, including the reopening of the strait of Hormuz, and the future of Iran’s nuclear program, remain unanswered.

• The agreement was first announced by Pakistan’s prime minister, Shehbaz Sharif, who has been acting as a mediator. Minutes later, Donald Trump confirmed the deal, writing: “The Deal with the Islamic Republic of Iran is now complete. Congratulations to all!”

• Trump subsequently said the “Great Deal” would bring peace and security to the region and claimed the strait of Hormuz would be reopened. “The Leaders of the Region have, for the first time, found a President who can help them achieve real Peace,” he said in a post on Truth Social. “With the opening of the Strait upon the signing of the Deal on Friday, for purposes of mine removal, oil will flow on both ends again for the Region, and the World!”

• In televised comments, Iran’s deputy foreign minister Kazem Gharibabadi said the agreement with the United States puts an “immediate end” to the countries’ war. He said the end of the war had been declared on all fronts, including Lebanon.

• However, how the strait of Hormuz will be managed seems uncertain, with Iran’s state media Mehr saying that an MoU expected to be signed in Geneva on Friday stipulates that it will be carried out under “Iranian arrangements”.

• In a call to the New York Times, Trump claimed that under the deal the strait would be “permanently toll free”.

• Trump also insisted that if Iran failed to reach a final nuclear accord with the US, he would restart military attacks on Tehran or make the US “the guardian of the Middle East” in return for 20% of the region’s revenues.

• Some, such as Republican senator Lindsey Graham have expressed concern about the differing substance from US and Iranian negotiating teams.

• Leaders in Europe, Japan, and Australia have welcomed the deal, while the UN chief António Guterres hailed it as a “critical step”.

• Asian markets have responded positively to news, with benchmarks in Tokyo and Seoul gaining more than 5% early Monday. Oil prices fell more than $3 a barrel.

• There has been no immediate reaction to the announcement from Israel, which has said it was not party to the planned US-Iran deal. The agreement ‌was sealed despite an Israeli strike on Lebanon on Sunday that drew criticism from both Iran and Trump.