President Donald Trump said Iran is reviewing a U.S. peace proposal aimed at ending the war and reopening the Strait of Hormuz, a key shipping route for global oil supplies.

Iran’s foreign ministry said Tehran is still examining the proposal and will respond after completing its review. No public deadline has been confirmed for Iran’s answer.

The proposal is expected to begin a broader diplomatic process covering security terms, sanctions, nuclear limits, and access for commercial ships through the strait.

Trump said progress has been made in recent discussions and said Iran wants to reach an agreement. He also warned that U.S. bombing could resume at a higher level if a deal is not reached.

The United States has paused Project Freedom, a military operation linked to commercial shipping through the Strait of Hormuz. U.S. officials have said the wider military campaign has ended, but diplomatic pressure and regional security measures remain in place while talks continue through mediators.