Iran has said it is reviewing new U.S. proposals to end the war, as U.S. President Donald Trump threatens more bombing if no deal is reached. The conflict has closed the Strait of Hormuz, a key oil route, affecting global markets. On Wednesday, the U.S. fired on an Iranian tanker trying to break an American blockade on Iranian ports. Trump says Iranian officials want a deal, but warns of intensified bombing if they refuse. Talks hosted by Pakistan failed last month.

The Iran war risks reigniting after the U.S. tried to force open the Strait of Hormuz for commercial shipping, firing on Iranian forces and sinking six small boats targeting ships. But the shaky ceasefire seemed to hold Tuesday even after the United Arab Emirates said Iran fired missiles and drones at it. The U.S. aims to end Iran’s control of the strait by creating an “enhanced security area.” Two American-flagged merchant ships successfully transited the strait on Monday. Iran’s closure of the strait has sent fuel prices skyrocketing and rattled the global economy.