Trump set to decide on Iran ceasefire extension, tells ships trapped in Hormuz to start leaving

Thousands dead, global economy suffering

The war launched by the US and Israel on February 28 has killed thousands of people, mainly in Iran and Lebanon, and caused global economic pain by pushing up energy prices due to Iran's effective closure of the Strait of Hormuz.

Oil prices fell and stocks rose on Friday over the potential deal.

In his post on social media, Trump said mines would be removed from the strait and ships trapped there may start to go home: "Say HELLO to your wives, husbands, parents, and families from me, your favourite President!"

He added that no money would be exchanged, "until further notice," - a possible reference to Iran's demands for toll payments in the strait, war damage reparations or a release of Iranian funds frozen abroad.