US President Donald Trump appeared to back off threats of immediate military action against Iran, despite ongoing disputes with Tehran over the Strait of Hormuz, suggesting he would allow economic pressure to force the Islamic republic to make a long-elusive peace deal.

IRGC sets conditions to reopen the Strait of Hormuz as the US president says economic pressure is mounting on Iran.

US President Donald Trump said Sunday that the US is taking a low-key approach towards Iran and is not currently looking to launch a new military offensive, even as tensions over…