President Donald Trump said he had cancelled a planned U.S. military attack on Iran, provided that a deal is reached quickly.
He announced the decision in a Truth Social post on Saturday night, local time.
Trump said the proposed agreement would require the Strait of Hormuz to be fully reopened.
He also said the agreement should end what he described as Iran’s nuclear threat.
Trump claimed that Iran and several other Middle Eastern countries had asked Washington to hold off on an attack and allow space for an agreement.
He said U.S. forces had been prepared to use an unprecedented level of military power against Iran since the Second World War.
Trump further claimed that Israel agreed with the decision.
Earlier on Saturday, the U.S. State Department advised Americans in the Middle East to remain on high alert and prepare for possible emergency disruption.
Iran had previously warned that regional countries cooperating with Washington could become targets, according to the statement attributed to Tehran.