US President Donald Trump on Wednesday announced a temporary pause in “Project Freedom” — the US-led movement of ships through the Strait of Hormuz — even as he issued a sharp warning to Iran over the consequences of failing to reach an agreement.The announcement comes amid signs that Washington and Tehran are inching closer to a possible deal to end the ongoing conflict.Trump said the pause, while keeping the broader maritime blockade intact, was aimed at creating space to assess whether a “complete and final agreement” could be concluded. At the same time, he signalled that any failure in negotiations could trigger a fresh round of intensified military action, underlining the high-stakes nature of the talks.The move follows requests from Pakistan and other countries, reflecting growing regional pressure to de-escalate tensions in one of the world’s most critical energy corridors.According to a report by Axios, the US is awaiting a response from Iran within 48 hours on key elements of a proposed framework agreement. The two sides are discussing a one-page memorandum of understanding that could pave the way for detailed nuclear negotiations.While no agreement has yet been finalised, US officials have indicated that recent engagements have brought both sides closer than at any point since the conflict began. Iran’s Foreign Ministry has confirmed it is reviewing a 14-point proposal put forward by Washington.In parallel, Washington — along with Gulf partners such as Saudi Arabia, United Arab Emirates, Kuwait, Qatar and Bahrain — has drafted a UN Security Council resolution aimed at safeguarding freedom of navigation in the waterway.