U.S. President Donald Trump said the United States is close to reaching an agreement with Iran to reduce the conflict and that planned U.S. strikes scheduled for Thursday were canceled.

Trump also said a settlement with Iran could be reached soon, according to reports published on June 11 and June 12. Coverage from Reuters, AP and Axios said discussions around the agreement include reopening the Strait of Hormuz to shipping.

Axios reported that the waterway would reopen immediately without tolls, while Reuters reported that a deal affecting shipping through the strait could be signed as soon as this weekend. Iranian officials, according to Axios, said no final decision had been made.

The Strait of Hormuz is a key route for global oil shipments, making any reported change to access through the waterway relevant to energy and shipping markets.