US President Donald Trump on Monday said talks with Iran are under way, describing them as Tehran's "last chance" to reach an agreement.
Speaking to reporters during an event in the Oval Office, Trump said the discussions were taking place at Iran's request.
"We are talking at request of Iran," Trump said, adding, "This is a last chance for them to sign a good document."
Trump said he expects talks aimed at reopening the Strait of Hormuz and creating a pathway for Iran to address US concerns over its nuclear programme to begin in the next day or two.
"The first phase is the opening of the straits. The second phase will be the denuclearisation," Trump said, adding that it "will take a little while."
Trump also said he had decided against ordering fresh US strikes on Iran after appeals from Gulf allies, including Saudi Crown Prince Mohammed bin Salman, Qatar and the United Arab Emirates, as well as at the request of unnamed Iranian officials.
According to Trump, a plan had been in place for US forces to carry out "the biggest attack since World War II" on Sunday, but he decided to give diplomacy more time.
Earlier on Monday, Trump questioned the prospects of negotiations after Iran's foreign ministry said Tehran was not currently holding talks with the United States.
"Iranian Leadership is unbelievably duplicitous!" Trump wrote on Truth Social.
Separately, Trump criticised major US oil companies, saying, "Oil companies [are] making too much money," and added that Chevron and Exxon had "made too much money."
(With inputs from agencies)
