WASHINGTON: US President Donald Trump said it is "highly unlikely" he would extend a two-week ceasefire with Iran if a deal is not reached before it ends this week, according to a Bloomberg report.
The Strait of Hormuz would remain blocked until a peace agreement is finalized, Trump said in a phone interview.
"They want me to open it. The Iranians desperately want it opened. I'm not opening it until a deal is signed, " he said. Oil prices jumped as Washington maintained its blockade and the US Navy seized an Iranian-flagged ship over the weekend, Xinhua news agency reported.
"I'm not going to be rushed into making a bad deal. We've got all the time in the world, " Trump said.
He said the truce, which he announced on April 7, will expire on Wednesday evening US Eastern Time.
Asked if he expects strikes to resume immediately afterward if no deal is reached, Trump said: "If there's no deal, I would certainly expect."