President Donald Trump said he may not extend a tentative ceasefire between the United States and Iran if negotiations fail to produce an agreement by Wednesday, raising the prospect of renewed military action.

US and Iranian delegations are expected to hold a second round of peace negotiations on Monday, Iranian sources told CNN on Friday.

While US officials haven’t confirmed that negotiations are scheduled, Trump earlier expressed confidence that both sides are close to a deal.

Meanwhile in Lebanon, the first 24 hours of the 10-day truce have passed, and it appears to be largely holding, despite Lebanon accusing Israel of several ceasefire violations.

More on the latest developments:

• US-Iran ceasefire looms: Trump said he may not extend a tentative ceasefire between the US and Iran if negotiations fail to produce an agreement, raising the prospect of renewed military action.
• Russian oil: The Treasury Department issued another waiver allowing the delivery and sale of sanctioned seaborne Russian crude. The license applies exclusively to Russian crude and petroleum products loaded on vessels from April 17 through May 16.
• Oil drops and stocks soar: The financial markets wrapped up a wild week as the S&P 500 hit its third straight record high and the Nasdaq Composite is on its longest winning streak since 1992. Oil prices also plunged after the Iranian foreign minister declared the Strait of Hormuz open.
• Waters beyond the Middle East: US forces would pursue Iran-linked ships in waters outside the Middle East, specifically in the Indo-Pacific area. CNN reached out to the 7th Fleet regarding the movements of the USS Miguel Keith, which satellite imagery showed was heading toward the Strait of Malacca as of Thursday local time.
• Trump on Xi: Trump on Friday said Chinese President Xi Jinping is “very happy” about the opening of the Strait of Hormuz, as he expressed excitement ahead of his May talks with the Chinese leader. (CNN)