Donald Trump said on Nov. 9 that Iran was “effectively over” militarily and further strikes were unlikely, but he described the situation as a continuing status quo—not a formal end to the war—and said the United States had no new attacks planned.

At the same time, Trump said US forces remained ready to intervene and that Qatar, Saudi Arabia, the United Arab Emirates, Bahrain and Kuwait preferred to maintain the current posture.

That posture includes a naval blockade of Iranian ports and Operation Iron Gate, which Trump said restricts Iran’s movement of weapons and other materials; he said regional allies supported keeping those measures in place.

Despite the talk of de-escalation, limited US operations continued: Trump confirmed weekend strikes on Iranian air defenses on Qeshm Island in the Strait of Hormuz, calling them “minor strikes,” while Iranian authorities said further attacks had not been publicly acknowledged by the US military.

After meeting Qatar’s prime minister, Sheikh Mohammed bin Abdulrahman Al Thani, at the White House, Trump said an agreement had positive momentum and that he wanted to give negotiations a chance, though a diplomat said he could change course if Iran did not negotiate seriously.

Sheikh Mohammed said the meeting focused on the regional situation and advancing US-Iran talks, and reportedly presented Trump with a two-day Iranian proposal to end the war.

Reuters reported that Iran had sent a proposal through Qatari mediators seeking sanctions relief and a new shipping route through the Strait of Hormuz, which Washington was reviewing; Iranian officials disputed that talks were taking place.

Reported Iranian demands include an end to US attacks on Iran and its regional allies, lifting the blockade and sanctions, permission to resume oil exports, release of frozen assets and reparations for war damage.

Iranian officials pushed back on Trump’s account: Mohsen Rezaei called reports of negotiations “imaginary,” while Mohammad Bagher Ghalibaf accused Washington of prolonging the conflict under an “Israel first” approach.

Even if the fighting subsides, a lasting settlement and the resumption of broad commercial shipping through the Strait of Hormuz remain uncertain, with Iran likely to retain military influence over the vital route.

The conflict’s wider regional fallout includes Saudi Arabia’s renewed fight against the Iran-backed Houthis, Israel’s occupation of southern Lebanon and deadly air strikes, while US attacks on Iran have become sporadic.

Markets responded to hopes of de-escalation, with US West Texas Intermediate crude falling more than 1% to $85.80 a barrel and Brent dropping more than 1% to $91.56.