United States President Donald Trump stated late Thursday that the U.S. will not launch military strikes against Iran prior to the upcoming November 3 midterm elections. Trump made the declaration in a social media post on Truth Social, asserting that "productive discussions" were ongoing with the Islamic Republic.

The announcement comes amid heightened tensions in the Persian Gulf and follows recent speculation about potential military action. The prospect of renewed conflict had contributed to a rise in oil prices earlier in the week. Following Trump's statement, oil prices saw an early dip on Friday as concerns about Middle East supply eased.

Analysts suggest Trump's comments may have been intended to stabilize oil markets. Concurrently, Iran's Foreign Minister Abbas Araghchi indicated that Tehran is reviewing a U.S. proposal regarding the reopening of the Strait of Hormuz and expects to provide a response within days. Negotiations are reportedly continuing through intermediaries, according to Iran's Tasnim news agency.

Iranian media reported significant explosions in the southern Strait of Hormuz on Friday, with Fars news agency citing unnamed military sources suggesting tankers may have struck sea mines while using "unauthorised" routes. The U.S. has accused Iran of targeting ships, though Trump's statement suggests a de-escalation of immediate military engagement.

U.S. Vice President JD Vance had previously outlined new demands for Iran, stating that a "meaningful" reduction in its uranium enrichment capacity would be necessary for any agreement to end the ongoing war. Experts interpret this as a potential shift from Washington's prior insistence on a complete cessation of enrichment activities, indicating possible room for compromise.

Earlier in the week, Iranian President Masoud Pezeshkian had characterized negotiations with Washington as "futile," accusing the U.S. of using talks as a pretext for further aggression. Meanwhile, Russian President Vladimir Putin reportedly pledged Russia's support to help end the U.S.-led conflict with Iran, according to Russian news agencies.

The situation remains dynamic, with Iran reviewing U.S. proposals and reporting incidents in the Strait of Hormuz. The U.S. has set new conditions for a potential deal, while diplomatic efforts continue through third-party mediators. The upcoming midterm elections add a significant political backdrop to these international deliberations.

Unresolved questions persist regarding the specifics of the ongoing discussions, the nature of the incidents in the Strait of Hormuz, and whether the stated demands from both sides can be reconciled to achieve a lasting resolution to the conflict.