President Trump is ready to end US military operations against Iran without reopening the Strait of Hormuz, leaving allies to handle the oil route and raising concerns over global energy supply and market instability.

Gold extended two days of gains on Federal Reserve comments that eased rate-hike bets and a report that US President Donald Trump is willing to end the Iran war without reopening the Strait of Hormuz.

The Trump administration expects Iran's formal response to its 15-point peace proposal today, as Tehran continues blocking the Strait of Hormuz.

President Trump on Thursday warned Iran to “get serious soon” about negotiating an end to the war — then gave the regime 10 additional days to reopen the Strait of Hormuz, claiming the extension came at the “request” of the Iranian government.

Follow NBC News for live updates on the latest about the war with Iran, peace talks, the energy crisis and a possible U.S. ground operation.

The strait, one of the world's busiest oil shipping channels, has been effectively blocked by Iran since the outbreak of the war last month.

U.S. President Donald Trump is threatening widespread destruction of Iran’s energy resources and other vital infrastructure, potentially including desalination plants that supply drinking water

Investors nervous over escalation of Middle East conflict as US president says he wants to ‘take the oil in Iran’