Donald Trump is taking a wait-and-see approach to Iran as negotiations to reopen the Strait of Hormuz and permanently end the war appear to have once again stalled following reports that the president is reportedly considering walking away from the conflict without securing a nuclear deal.

“We are low keying it,” Trump told Axios on Sunday, claiming the U.S. strategy will eventually “work out.”

“We are only semi-negotiating with them,” he added. “We are just watching Iran with its huge inflation and the fact they have no money.”

The apparent chill from the U.S. comes despite the president’s repeated insistence a deal is near and Iran is desperate for an off-ramp.

In private, the reverse may be true; the president has reportedly floated the possibility of declaring victory even without a deal regarding his top goal to shut down Iran’s nuclear program — so long as the Strait of Hormuz is reopened, according to The Wall Street Journal.

Tehran, meanwhile, has spoken of a similar arms-length strategy to negotiations.

Iranian Foreign Minister Abbas Araghchi said on Sunday the two sides are not engaged in direct talks and are instead swapping messages via intermediaries.

Vice President JD Vance has offered a different picture, claiming the “same amount of oil” will eventually return to passing through the Hormuz Strait, while describing a deal as neither close nor far.

“We’re really in the middle of the game here,” Vance told Fox News on Saturday.

“This thing is not over. It’s obviously not at the beginning,” he added. “We’re we’re in the middle of the game, and we’re applying a whole host of tools — diplomatic, economic, military tools — to ensure that we get the best outcome for the American people.”

The Independent has contacted the White House for comment.

This weekend, Iran laid out new terms on the U.S. before it would agree to a deal on the Strait, including ending the war, lifting the U.S. blockade, paying war damages and unfreezing Iran assets.

U.S. officials have said it is Iran that needs to meet conditions before any U.S. policy towards the war changes.

“Once the deal is announced to restore commercial shipping without impediments, the United States will lift the blockade of Iranian ports,” a U.S. official told Reuters.

Hopes were high earlier this week some kind of deal over the vital oil-shipping lane would emerge from negotiations between Iran and Oman.

“There’s been progress made in those talks [between Iran and Oman], but not finality yet. We’re hoping that will happen very shortly,” Secretary of State Marco Rubio told reporters on Tuesday.

The more time goes on, the more pressure Trump faces to end the nearly six-month conflict, which he promised would be a swift U.S. victory.

“The Iranians fully believe Trump wants out and is focused on opening the strait, which is why they are playing hardball,” Gregory Brew, an Iran expert at the Eurasia Group, told The Wall Street Journal on Sunday.

Midterm elections are nearing and gas prices remain above pre-war levels.

Making matters worse, the prolonged conflict has reportedly drained U.S. stockpiles of key weapons, prompting the Pentagon to lean on contractors to ramp up production.