FEATURE | Breakthrough nears as Iran reviews US plan for Persian Gulf peace

Global share prices also leapt and bond yields fell on optimism of an end to a war that has disrupted energy supplies.

In an early morning post on social media, Trump said: "Assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption, the already legendary Epic Fury will be at an end, and the highly effective Blockade will allow the Hormuz Strait to be OPEN TO ALL, including Iran."

"If they don’t agree, the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before," Trump added. Hours earlier, Trump paused a two-day-old naval mission to reopen the blockaded strait, citing progress in peace talks.

US military forces fired several rounds at an unladen Iranian-flagged tanker on Wednesday, disabling the vessel as it attempted to sail toward an Iranian port in violation of the blockade, US Central Command said in a post on social media.