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In a call to The New York Times, President Trump praised Russia's and China's leaders and described Israel's prime minister as "a very difficult guy."
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Oil prices had already fallen quite dramatically on Thursday and Friday, in anticipation of an imminent deal. President Trump has posted online that the Strait of Hormuz will reopen after the deal is signed on Friday.
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President Donald Trump announced "major combat operations" against Iran on Feb. 28, with massive joint U.S.-Israeli strikes.
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President Trump said the U.S. would remove its blockade of the Strait of Hormuz.
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The proposed deal will see the Strait of Hormuz opened, and the U.S. naval blockade lifted, in effect ending the conflict.
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Under the agreement, the key Strait of Hormuz waterway will be reopened, US President Donald Trump said.
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An initial deal to end the war and open the Strait of Hormuz was expected to be signed this week.
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Oil prices fell and stocks gained on Sunday evening on the hope that a deal would allow more energy and other goods to flow through the Strait of Hormuz.
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