NEW DELHI: US President Donald Trump has said he expects the conflict with Iran to be resolved “very soon” while declining to rule out the possibility of renewed US military strikes before the upcoming midterm elections.

Speaking to Fox News on Sunday, Trump said he expected oil prices to fall sharply once the conflict ends. He also reiterated that preventing Iran from obtaining a nuclear weapon remains a key US objective.

When asked whether the United States could launch further military action against Iran before the midterm elections, Trump said the possibility could not be ruled out, without providing details on any potential operation or timeline.

Trump also said Washington was applying both military and economic pressure on Tehran and claimed that the US had already made significant progress. His statements come amid continued tensions over Iran's nuclear programme and the situation around the Strait of Hormuz.

Meanwhile, Iranian Foreign Minister Seyyed Abbas Araghchi said Tehran was prepared for a renewed conflict but remained open to diplomacy. He said Iran was seeking the reopening of the Strait of Hormuz, access to frozen assets and the ability to sell its oil as part of a potential settlement.

The latest statements come after Washington rejected an Iranian proposal linked to reopening the Strait of Hormuz and resuming diplomatic discussions. US officials said the proposal included demands concerning frozen Iranian funds and sanctions relief.