(REUTERS). U.S. President Donald Trump is in no rush to strike a deal with Iran, downplaying hopes of an imminent breakthrough in the three-month war.

In a post on Truth Social on Sunday, Trump said a U.S. naval blockade in the Strait of Hormuz will stay in place until a formal agreement is reached and signed... adding both sides must “take their time and get it right.”

Iran has not officially responded, but state-linked media say key sticking points remain, including Tehran’s demand for access to its frozen funds.

Separately on Sunday, Mohsen Rezaei, a military adviser to the country's Supreme Leader, warned against further U.S. attacks on the strategic waterway:

"About negotiation, the Islamic Republic has put the least costly path before you. The Islamic Republic is telling you that if you continue the war, we will make the American people miserable and the American economy miserable. Iran is here for a fair negotiation with you."

"Security is important to us. Managing the Strait of Hormuz is our legal right."

The day before, Trump had said the two sides largely agreed on a framework that could reopen the Strait, which normally carries a fifth of global oil and gas shipments.

On Monday, U.S. Secretary of State Marco Rubio said a deal was still being worked out.

"We're still a work in progress, as I said.. So we have what I think is a pretty solid thing on the table in terms of durability to open up the Strait, get the straits open, enter into a very real, significant, time-limited negotiation on the nuclear matters."

Trump administration officials say a deal has a possible 60-day window to finalize terms.

Oil prices plunged more than 5% on Monday morning, with Brent crude futures dropping below $100 a barrel.

Asian stock markets also rallied.

Iran's Revolutionary Guards said 33 vessels had passed through the Strait over a 24-hour period after getting permission from Tehran, still far short of the 140 on a typical day before the war.

Any deal reinforcing the current fragile ceasefire would bring relief to markets but not immediately quell a global energy crisis... which has driven up costs of fuel, fertilizer and food.

Posted by: AAngeles/NET25 News