Iran said it was reviewing a U.S. peace proposal that sources said would formally end the war while leaving unresolved the key U.S. demands that Iran suspend its nuclear program and reopen the Strait of Hormuz, Reuters reported.

An Iranian foreign ministry spokesperson cited by Iran’s ‌ISNA news agency said Tehran would convey its response.

U.S. President Donald Trump said he believed Iran wanted an agreement.

“They want to make a deal. We’ve had very good talks over the last 24 hours, and it’s very possible that we’ll make a deal,” Reuters quoted Trump as saying at a press briefing in the Oval Office.

Earlier in the day, Trump had sounded more pessimistic about the chances of a deal. In a Truth Social post, he threatened to restart the U.S. bombing campaign in Iran, calling the possibility of Tehran agreeing to the latest U.S. proposal a “big assumption.”

A Pakistani source and another source briefed on the mediation earlier said an agreement was close on a one-page memorandum that would formally end the conflict.