Signalling that the deal could come in ’48 hours’ Trump said, Washington is having “very good discussions” with Iran that are “moving along very nicely”, but warns Tehran will be hit “very hard” if talks fail.

The only thing that matters is action, and they want to make a deal. We’ll see what happens. If they don’t make a deal, it’s going to be too bad,” he added.

Trump and Qatar’s Emir Sheikh Tamim bin Hamad Al Thani discussed efforts to narrow differences between Washington and Tehran and improve the prospects for a lasting settlement during a phone call on ​Tuesday, Qatar’s Emiri office said.It said the emir stressed the importance of dialogue and adherence to the U.S.-Iran Memorandum of Understanding of mid-June that provided for the immediate cessation ​of military operations.

US Secretary of State Marco Rubio also reiterated the “progress” in the talks on the strait, while Treasury Secretary Scott Bessent suggests an agreement could be possible as early as “today or tomorrow”.

Meanwhile, Iran state owned media agency reported that talks with Oman have entered “a new phase” and aim to establish a “middle corridor” through the Strait of Hormuz. Citing anofficial sources, it mentioned that US interference and threats of military action are the primary reasons for the delay in reaching an agreement with Oman .

“The main reason for the delay in the deal with Oman regarding the Strait of Hormuz is US interference and Trump’s threats,” the official was quoted as saying.

Earlier on Tuesday, Iran’s Foreign Ministry spokesman Esmaeil Baghaei said the ongoing talks between Iran and Oman were “positive” at both the technical and political levels, and were focused on designating safe routes for maritime passage through the Strait of Hormuz.

The funeral of the victims of last week’s US strike on Iran’s Qeshm Island, which killed a couple and their two-year-old child. Iran’s chief negotiator and parliamentary speaker, Mohammad Bagher Ghalibaf, said the US would “pay the price” for their deaths.

Two Pakistan-flagged tankers carrying Saudi crude crossed Bab al-Mandeb without incident despite the Houthi blockade. An Indian commercial ship has come under attack in the Red Sea near Yemen, with all 14 crew rescued by the Yemeni coastguard. Iran as per reports, exported more than 30 million barrels of crude oil through the Strait of Hormuz between July 4 and August 4, about 29 percent of its pre-war monthly average.