Donald Trump said Saturday a deal to reopen the Strait of Hormuz and reduce tensions with Iran could be announced soon, giving hope to more stable gas prices.

An agreement between the United States, Iran and several Middle Eastern countries had been “largely negotiated,” though final details were still being discussed, according to a Truth Social post by Trump.

“Final aspects and details of the deal are currently being discussed, and will be announced shortly,” Trump said.

He added that reopening the Strait of Hormuz would be part of the agreement.

Since fighting escalated between Iran, the United States and Israel, shipping disruptions and fears of a prolonged closure have driven oil and gas prices higher around the world, including in Canada.

Trump also said he separately spoke with Benjamin Netanyahu and described the call as going “very well.”

The comments came after talks involving Iran, the U.S. and mediator Pakistan.

The Pakistani army said the negotiations had resulted in “encouraging” progress towards a final understanding.

All sides said progress had been made toward ending nearly three months of war.

Sources familiar with the negotiations told Reuters the proposed framework would happen in stages; that includes formally ending the conflict, reopening the Strait of Hormuz and launching broader negotiations.

Earlier Saturday, Trump told Axios he could decide as early as Sunday whether to resume attacks on Iran if negotiations fail.

“Either we reach a good deal or I’ll blow them to a thousand hells,” Trump said, according to the report.

The Strait of Hormuz is one of the world’s most important oil shipping routes.

The conflict and shipping disruptions have already affected Canadians.

Statistics Canada said Friday sales at gas stations and fuel vendors rose 12.4 per cent in March as fighting involving Iran, the U.S. and Israel pushed oil and gas prices higher.

For consumers, that has meant more expensive fill-ups, higher transportation costs and growing pressure on household budgets already strained by inflation.

More details to come.