Bernd Debusmann Jr
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."
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