Tehran: Iran has said that while progress has been made in talks with the United States, a deal "is not imminent," pushing back against expectations from Washington that an agreement could be reached soon.

Foreign ministry spokesman Esmail Baqai told reporters in Tehran on Monday: "It is correct to say that we have reached a conclusion on a large portion of the issues under discussion. But to say that this means the signing of an agreement is imminent - no one can make such a claim."

His remarks came after US Secretary of State Marco Rubio said an agreement could possibly be reached on Monday. "We thought we might have some news last night. Maybe today," Rubio told reporters in New Delhi, though he cautioned: "I wouldn't read too much into it. It takes a little while to hear back from Iran."

The reported memorandum of understanding involves a 60-day ceasefire extension, the reopening of the Strait of Hormuz - through which 20 percent of the world's oil passes - and a framework for further negotiations over Iran's nuclear programme. However, some of the most contentious issues, including the scope of sanctions relief, the release of frozen Iranian funds, and curbs on Iran's nuclear ambitions, would be left for later talks.

The potential deal has divided Trump's Republican party, with senators Ted Cruz, Roger Wicker, and Lindsey Graham criticising it as too lenient on Iran. Trump responded by dismissing his critics as "losers," saying: "The deal with Iran will either be a great and meaningful one, or there will be no deal."

Even if an agreement is reached, shipping industry experts warn that it could take months for supply chains to return to normal. Lars Jensen, chief executive of Vespucci Maritime, told the BBC that the industry would remain "cautious and hesitant" to make major operational changes in the immediate aftermath of a deal.

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