Iranian Foreign Minister Abbas Araghchi says indirect talks are taking place with the US. ( Majid Asgaripour/WANA via Reuters )
Iran's Foreign Minister Abbas Araghchi says "intensive" negotiations are underway with the US to avert a return to all-out war.
The renewed diplomatic push comes despite US President Donald Trump threatening to renew strikes on Iran after this week's midterm elections.
Optimism about a possible resolution saw oil prices plunge six per cent on global markets on Monday.
Iran says "intensive" exchanges are underway with Washington DC and is offering to reopen the Strait of Hormuz under strict conditions, as diplomatic efforts to avert a return to war continue.
Iranian Foreign Minister Abbas Araghchi said indirect talks were taking place via mediators.
China has also urged a return to negotiations, while Iran's security chief discussed the conflict with Russian President Vladimir Putin.
Oil prices, sent rocketing by Iran's blockade of the Strait of Hormuz energy corridor, dropped more than six per cent on Monday on optimism over the eight-month-old conflict.
"Given the sensitivity and gravity of the current situation, consultations and deliberations are very intensive," Mr Araghchi said in a video interview with the official IRNA news agency.
"Qatar and Pakistan are playing a very active mediating role in these negotiations."
President Donald Trump is telling supports the US may return to continued fighting with Iran. ( Reuters: Umit Bektas )
The Axios news outlet reported that US Vice President JD Vance had sent a letter to Iranian national security chief Mohsen Rezaei about possible new talks, marking the highest-level move in months.
The redoubled diplomatic push comes ahead of this week's US midterm elections, where dissatisfaction over the war and higher fuel prices are weighing on US President Donald Trump's Republicans.
Democrats expect to win at least partial control of Congress and impose political constraints on Mr Trump for the first time in two years.
Iran's First Vice President Mohammad Reza Aref said the messages received from the US were "an acknowledgement of our victory".
But Mr Trump kept up his threats against Iran, telling a campaign rally that at "some point we're going to have to give them the hammer".
A senior Iranian official said Tehran was ready to open Hormuz, the export highway for the energy-rich Gulf, within two days — as long as Washington agrees to its list of demands.
In September, Iran proposed a seven-day plan to reopen the strait if the US agreed to demands including ending the war on all fronts, unfreezing Iranian assets, lifting oil sanctions and ending its counter-blockade of Iranian ports.
"The possibility of implementing this plan in two days is another indication of Iran's good-faith approach," foreign ministry spokesman Esmaeil Baqaei told reporters at a briefing.
"We have stated that, if Iran's demands are met, it would be possible to restore security to the Strait of Hormuz and resume the negotiating process within a short period."
Iran and its proxies are causing disruption across key energy shipping routes in the region, causing prices to skyrocket. ( AFP: Khaled Ziad )
Mr Baqaei said "everything depends" on the US side accepting the Iranian demands. "Only then can we discuss the subsequent stages," he added.
Chinese President Xi Jinping discussed the war with Oman's Sultan Haitham bin Tariq in Beijing on Monday — the first visit to China by the Gulf nation's head of state since diplomatic ties were established.
"The two sides called for resolving disputes through political and diplomatic means, urging the United States and Iran to pursue a peaceful path, achieve a ceasefire (and) prevent war entirely," an Omani statement said.
China also held meetings with Iranian and Saudi officials in Beijing on Monday.
Beijing supports Tehran in "safeguarding its own sovereignty and security", Foreign Minister Wang Yi told Ali Bagheri, deputy secretary of Iran's Supreme National Security Council, according to a Chinese statement.
Mr Bagheri told Mr Wang that "Tehran's stance on defending its national security, sovereignty, and territorial integrity remains unchanged, and that Iran will make no compromises in this regard", according to state TV.
Russian President Putin also spoke with Iran's security chief Mohsen Rezaei about the war by telephone, Iranian state media said.
