President Donald Trump says he is prepared to rely on economic pressure against Iran rather than launch additional military strikes.

Trump said he is willing to wait as Iran struggles with inflation and a sharply weakened currency, signaling a more cautious approach to negotiations.

Iran, however, says it will only reopen the Strait of Hormuz if the United States meets several conditions, including lifting a naval blockade and withdrawing troops from the region.

Tehran is also demanding reparations, the release of frozen Iranian assets and an end to fighting in Lebanon.

Iran and Oman are separately working on an agreement to establish transit routes through the strait, though Iranian officials say the deal would not immediately reopen the waterway, CNBC has reported.