Talks to establish a full cease-fire between the US and Iran made “significant” progress on Monday, mediators said — with President Trump optimistic but warning that war could reignite if the negotiations fall apart.

The US is actively working with Qatar, Pakistan and Egypt to oversee the current talks between Iran and Oman regarding the future of the Strait of Hormuz, sources told Axios and the Associated Press.

Trump noted that he was looking forward to the outcome and said he did not have a set deadline for the deal after pausing America’s daily airstrikes on Iran over the weekend.

“I have plenty of time. Their whole shoreline’s wiped out. The straight is in very good shape, and we’re talking right now,” Trump told reporters.

“You know, they wanted to talk. … we’re having good talks, so we’ll see what happens,” he added. “I think there’s a good chance that something could happen, and if it does, good.

“If it doesn’t, we go back to doing what we were doing two days ago,” Trump warned.

Omani and Iranian officials confirmed that progress was being made on establishing a fair management system of the Strait of Hormuz over the weekend, but the pitches for fees in the waterway may undermine negotiations.

One such pitch calls for Iran and Oman to collect service fees for maintaining maritime security along the strait, which oversees the transport of 20% of the world’s oil supplies, a regional source told Axios.

Another idea looks to borrow from the way the Strait of Malacca is managed, which sees Malaysia, Indonesia and Singapore collect fees for specific services.

These mechanisms have been pitched before, with the Trump administration maintaining that the Strait of Hormuz should remain free and open to all as it was before the war began.

The talks are continuing and “focused on ways to enhance the prospects for reaching practical, fair, and sustainable arrangements for maritime navigation … through the Strait of Hormuz,” Omani Foreign Minister Badr al-Busaidi said in a statement.

While the talks are between Iran and Oman, Trump has insisted that his team is directly involved at the behest of Tehran.

“They requested a meeting. They would not have requested the meeting if we were doing poorly,” he said. “The only reason they want to meet is because we’ve been hitting them very hard.”

Iran, however, has reiterated that it is not speaking directly with the US as it continued to bomb American allies on Monday and intercept ships in the Strait of Hormuz, according to Tehran’s state-run media.

Iran’s Foreign Ministry spokesman Esmail Baghaei said that while talks were ongoing with mediators, striking a quick deal with the US “is not in our DNA.”

With Post wires