President Donald Trump said he is giving diplomacy with Iran one more chance but warned that the United States is prepared to resume major military action if negotiations collapse.

“We are in very deep talks with Iran. If they don’t work out, we will go back to very strong military action,” Trump told Axios in an interview Monday.

Trump said he has little patience for prolonged negotiations. “Not much time,” he said when asked how long he would allow talks to continue. “Either it goes fast or not at all”.

Trump said that he decided Friday to pause U.S. strikes against Iranian targets after regional mediators urged him to give negotiations another opportunity. The talks are centered on reopening the Strait of Hormuz and restarting broader discussions on Iran’s nuclear program.

Trump told reporters aboard Air Force One that Iran has requested a meeting with U.S. officials. Axios reported the negotiations are being led primarily by Iran and Oman, with Qatar, Pakistan, Egypt, and U.S. envoys Steve Witkoff and Jared Kushner also playing key roles.

“All of the people that deal with Iran asked me, ‘Don’t fire,’” Trump told Axios, adding that he believes Tehran wants to reach an agreement.

Trump said agreeing to the pause carried little downside. “Nothing gained, nothing lost,” he said, noting oil prices fell and stock markets rose after he halted the strikes.

Axios reported Trump ordered the military Friday to suspend planned strikes against Iranian targets along the country’s southern coast and around the Strait of Hormuz following a meeting with senior military and national security advisers. Sources told the outlet the president had been leaning toward expanding military operations earlier in the week before shifting course Thursday evening.

Regional officials told Axios that negotiations have made progress but no final agreement has been reached. Omani Foreign Minister Badr al-Busaidi said Monday he spoke with counterparts from Iran, Qatar, Saudi Arabia, Kuwait, and Egypt about improving the prospects for “practical, fair, and sustainable arrangements” for navigation through the Strait of Hormuz.

According to Axios, one proposal under discussion would allow Iran, Oman, and neighboring countries to collect service fees for maritime security and environmental protection, similar to the system used in the Strait of Malacca. Another proposal would place those fees into a joint fund administered with the participation of the International Maritime Organization.

Trump is scheduled to meet Tuesday at the White House with Israeli Prime Minister Benjamin Netanyahu.

“I am going to talk to Bibi about the fact that if I weren’t president, Iran would have had nuclear weapons by now and Israel would have been destroyed,” Trump told Axios.