US President Donald Trump said on Wednesday that Washington is negotiating with Iran, despite a fresh exchange of fire, and suggested a deal could be reached soon. Trump maintained that a ceasefire remains in place, even as tensions persist in the Strait of Hormuz.

The situation in the region remains volatile, with the US and Iran engaging in a war of words and actions.

The US President's announcement comes amid rising tensions between the two countries, with the Strait of Hormuz being a key flashpoint.

The immediate outlook is for continued diplomatic efforts, with the US and Iran expected to engage in further talks in the coming days. The international community will be watching the situation closely, with many calling for a peaceful resolution to the conflict.