By Emily Rose JERUSALEM, May 24 (Reuters) - Israeli Prime Minister Benjamin Netanyahu told U.S. President Donald Trump Israel would remain free to act against threats in Lebanon during a phone call about an emerging agreement between Washington and Iran on Saturday, an Israeli source said. Trump said Washington and Iran had "largely negotiated" a memorandum of understanding on a peace deal that would reopen the Strait of Hormuz, a vital shipping passage that has been effectively closed since the U.S. and Israel launched their war on Iran in February.