The U.S. and Iran, together with Pakistani and Qatari mediators, are expected to hold a virtual meeting on Sunday and electronically sign a memorandum of understanding that will extend the ceasefire by 60 days, reopen the Strait of Hormuz and launch negotiations over Iran's nuclear program.

Why it matters: The pending remote signing is a result of almost three months of negotiations between the U.S. and the Iranian regime, mediated by Pakistan, Qatar, Egypt and Turkey. .

• The MOU is expected to end the war in the region and potentially stabilize global energy markets.

What they're saying: "We are closer to a peace deal than ever before. With finalization likely expected in the next 24 hours, Pakistan is preparing for the electronic signing of the peace deal immediately after, followed by technical level talks next week," Pakistani Prime Minister Shehbaz Sharif wrote on X on Saturday.

• Shortly after, the Pakistani foreign ministry confirmed that the virtual signing ceremony has been scheduled for Sunday.

Zoom in: "The Deal is scheduled to get signed tomorrow, and immediately after it is signed, the Hormuz Strait is OPEN TO ALL. Our relationship with Iran is a much different and better one than previous Administrations have had," President Trump posted on Truth Social.

• "At the appropriate time, when all is calm, we will go in and get the Nuclear Dust, buried deep under the powerful sunken granite mountains, thanks to our beautiful B-2 Bombers and their brilliant pilots, and downblend and destroy it, whether in Iran, or the United States."
• Trump threatened that if the agreement is not implemented "quickly, easily, and smoothly" he could use military force again.

Behind the scenes: U.S. officials and sources in the mediating countries confirmed that the signing will take place virtually, and claimed it is mainly for logistical reasons.

• One of the main reasons is that Vice President J.D. Vance, who is leading the U.S. negotiations team, wouldn't have been able to go back to the U.S. before President Trump leaves for the G7 summit in France on Monday morning, the sources said.

What to watch: On Tuesday President Trump will hold a meeting in France with G7 leaders, together with the leaders of Egypt, Qatar and the United Arab Emirates, U.S. officials said in a briefing with reporters.

• A U.S. official said the Crown Prince of Saudi Arabia Mohammed Bin Salman has been invited too, but couldn't join for scheduling reasons. Israeli Prime Minister Benjamin Netanyahu is also not expected to attend, the U.S. official said.
• Trump will also hold separate bilateral meeting with the three Arab leaders on the sidelines of the G7 summit.
• The U.S. official said the meeting is expected to focus on the deal with Iran and opportunities in the region after the end of the war.
• Another issue that is expected to be discussed is the Strait of Hormuz, and the international coalition that the UK and France have been working on to clear the strait of mines, the U.S. official said.