President Trump on Wednesday suggested that a deal to end the Iran war is indeed in the works—but he also warned Iran of new strikes should it balk. If Iran “agrees to give what has been agreed to,” the war will wrap up, wrote Trump on Truth Social, without providing specifics. But if they renege, bombing will resume “at a much higher level,” he added. His comments followed reports in Axios and Reuters that a peace deal between US and Iranian negotiators was imminent.

“We will close this very soon,” a source in Pakistan tells Reuters. The news sent oil prices down, with Brent crude falling 10% to below $100 a barrel before leveling off after Trump’s warning, per the Wall Street Journal. It was back at $103 more recently. Earlier Wednesday, Iran’s Revolutionary Guard suggested it would soon allow commercial traffic to resume in the Strait of Hormuz if the US “threats” were over, notes Reuters. But nothing is certain: The New York Times reports that a spokesman for Iran’s parliamentary national security downplayed the Axios report about a one-page peace memorandum, describing it as “more a list of American wishes than a reality.” (This content was created with the help of AI. Read our AI policy.)