U.S. President Donald Trump said Wednesday a deal with Iran is "very possible" after what he described as productive talks, but threatened to resume military strikes "at a much higher level and intensity" if Iran does not comply with agreed terms. Trump announced a temporary pause in U.S. operations to reopen the Strait of Hormuz, citing progress in negotiations.

Iran has not formally responded to the U.S. proposal, with its chief negotiator, Mohammad Bagher Ghalibaf, accusing Washington of seeking to force Iran's "surrender" through naval blockade, economic pressure, and media campaigns. Iranian foreign ministry spokesman Esmaeil Baqaei said the U.S. plan is still under review and Tehran will communicate its position to mediator Pakistan once finalized.

Pakistani Prime Minister Shehbaz Sharif expressed hope for a lasting agreement, while Chinese Foreign Minister Wang Yi, after meeting Iran's Abbas Araghchi in Beijing, called for an end to hostilities and the reopening of the Strait of Hormuz "as soon as possible." U.S. officials told Axios a one-page memorandum to end the war and set the stage for nuclear talks is nearing agreement.

The U.S. Navy disabled an Iranian oil tanker attempting to break the blockade of Iranian ports, underscoring ongoing military tension. International oil prices fell below $100 a barrel following Trump's conciliatory remarks and the pause in military operations, which followed Secretary of State Marco Rubio's statement that offensive operations had concluded.

The United States and Gulf allies are preparing a UN Security Council resolution demanding Iran cease attacks, disclose naval mine locations, and stop charging tolls in the Strait of Hormuz, with a vote expected in the coming days. Iran's response to the U.S. proposal is awaited before negotiations can advance.