Months of conflict, initiated by US and Israeli strikes on Iran in February, wreaked chaos across the region and rattled the global economy until a peace deal was announced last week.

Here are the latest developments ahead of the signing:

- Trump threatens Iran -

US President Donald Trump on Wednesday warned Iran he was ready to resume military action if Tehran did not abide by its obligations.

"If they don't behave, we'll go right back to dropping bombs right smack in the middle of their head," Trump said at the G7 summit, standing alongside Egypt's President Abdel Fattah al-Sisi.

- Lebanon strikes -

Israeli forces carried out airstrikes on several areas in south Lebanon on Wednesday after strikes a day earlier killed four, despite the agreed deal reportedly including Lebanon.

Although the text has not been released, US and Iranian officials have said that the agreement covers the fighting in Lebanon.

Still, Prime Minister Benjamin Netanyahu said on Monday that Israeli forces would remain in Lebanon.

- Hezbollah hails Iran's 'victory' -

Hezbollah chief Naim Qassem said an understanding reached between Tehran and Washington to end the regional war was a "great victory", and urged Lebanon to seize the moment to expel Israeli forces.

"We congratulate the Iranian people, the resistance and the countries and peoples of the region and the world who yearn for independence and freedom on this great victory," Qassem said in a televised address, urging Lebanon to "benefit from this pivotal point".

- US blockade lifts -

Iranian oil tankers have exited the zone in the Gulf blockaded by the US Navy, the TankerTrackers website said Wednesday, calling it the country's "first crude oil exports in two months".

It came after an Iranian deputy foreign minister said the two-month US naval blockade on Iranian ports had been lifted.

- Oil prices rise -

Oil prices rose on Wednesday, briefly surging as much as five percent, as investors grew wary ahead of the start of US-Iran talks.

International benchmark Brent North Sea crude was up 1.4 percent to $80.10 a barrel, shortly after reaching $82.97 a barrel, while the main US contract, West Texas Intermediate, advanced 1.6 percent to $77.25 a barrel.

- G7 summit -

The three-day summit of the G7 has focused intensely on Trump's deal to end the Iran war.

Asked at the gathering in France when the text would be released, Trump said: "It's a very powerful document, and I want it to be released. So probably pretty soon."

- Italy embassy -

Italy's embassy to Tehran will re-open on Friday after being closed for more than three months due to the Middle East war, with Rome's foreign minister hailing a "glimmer of peace" emerging in the region.

Italy had temporarily moved its staff to neighbouring Azerbaijan for security reasons, but Foreign Minister Antonio Tajani said the Italian "ambassador will return to the Iranian capital with all our diplomats and foreign ministry officials".

- China on deal -

China's top diplomat Wang Yi said in a call with his Iranian counterpart on Wednesday that it was key for all sides to "genuinely implement their commitments" under Tehran and Washington's memorandum of understanding.

"China has consistently supported Iran's reasonable and legitimate claims and Iran's efforts in safeguarding its own sovereignty and security," Wang added, according to Beijing's foreign ministry.

Yi had told his Pakistani counterpart the day before that the next phase of negotiations would be "more difficult", and said the UN Security Council "should also play a greater role" in reaching a final deal.

- Signing venue chosen -

The deal will be signed at Switzerland's mountainside Burgenstock resort near Lucerne on Friday, the Swiss foreign ministry said.

Iran's top negotiator Mohammad Bagher Ghalibaf will attend, while the US will be represented by Vice President JD Vance, who said Trump might also come.

- IEA says Hormuz reopening vital -

The International Energy Agency said Tuesday that opening the Strait of Hormuz was essential to ending the shock from soaring oil and gas prices.

"The single most important solution to this problem is fully and unconditionally opening up the state of Hormuz to shipping," said IEA chief Fatih Birol.

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