A US official told CBS News that the Trump administration is conducting "positive and constructive discussions" through mediators to resolve the war with Tehran. Negotiators in New York are currently exploring a phased exit from the conflict that would involve Iran reopening the Strait of Hormuz in exchange for Washington lifting its economic blockade of the country, according to sources close to the talks who spoke to Reuters. The potential agreement would tie the restoration of critical maritime shipping lanes to the removal of American financial restrictions.

The Trump administration maintains significant leverage in the negotiations, with State Department spokesman Tommy Pigott stating that President Donald Trump "holds all the cards" as the US "severs" Iran's financial lifelines. Despite a 7 day plan proposed by Tehran to reopen the Strait, Washington is "not in a rush" because it controls the waterway. Nearly 40 million barrels of oil have transited the Strait in the last 48 hours, reducing the immediate pressure on the US to reach a settlement.