The US and Iran are closer to extending a ceasefire and restarting negotiations about a longer team peace deal, the Associated Press reported, even as a standoff intensifies over the Strait of Hormuz.

President Trump said the “right people” in Iran still want a U.S.-Iran deal after talks in Pakistan over the weekend ended without an agreement. “We’ve been called by the other side and they would like to make a deal very badly,

The dollar erased gains after President Donald Trump said Iran called Monday morning and wants a deal. The remarks follow Trump’s order over the weekend to block the Strait of Hormuz following the deadlock in US-Iran peace talks that pushed oil prices higher.

The U.S. imposed a blockade on the Strait of Hormuz on Monday after peace talks with Iran collapsed over the weekend, risking another shock to a global economy battered by weeks of war.

President Donald Trump has reportedly suggested the next round of negotiations with Iran could come as soon as Thursday. The U.S.-Iran ceasefire expires next week. NewsNation's Trevor Shirley reports

President Donald Trump began a US naval blockade of the Strait of Hormuz, a move intended to raise pressure on Tehran, even as the two countries weigh another round of talks to secure a longer-term ceasefire.

Mediators moved closer Wednesday to extending the ceasefire between the United States and Iran and restarting negotiations to salvage the fragile truce before it expires next week. The U.S. blockade on Iranian ports and renewed Iranian threats have imperiled the week-old agreement,

US President Donald Trump played down the prospect of renewed fighting in the war with Iran, even as questions remain over Tehran’s nuclear program and access to the Strait of Hormuz.