Donald Trump's pause on a short-lived "Project Freedom" to guide ships through the Strait of Hormuz, as he claimed progress had been made towards clinching a "Complete and Final Agreement" with Iran, soothed oil markets and sent hopes soaring of a breakthrough.
But expectations were soon tempered by the US president himself.
Iran said on Wednesday it was reviewing a new proposal from Washington, after US media cited unnamed American officials as saying that the two sides were closing in on a one-page memorandum to end the war in the Gulf.
A source close to mediators in Pakistan told Reuters news agency: "We will close this very soon. We are getting close."
But hours after posting on Truth Social on Tuesday evening that he was suspending Project Freedom to see whether "the Agreement can be finalized and signed", Trump abruptly changed tone.
