President Donald Trump says “very good conversations” are happening with Tehran, but the US won’t be “blackmailed” over the strait.

The Iranian military said on Saturday morning that the Strait of Hormuz had “returned to its previous state” and is being “strictly controlled,” adding to confusion over the extent to which the waterway is open to maritime traffic.

Iran reversed course Saturday and closed the Strait of Hormuz, a day after declaring the critical waterway open. Olivia Rinaldi of CBS News reports.

President Donald Trump said in the Oval Office on Saturday that Iran "can't blackmail us" on the Strait of Hormuz, insisting negotiations are still "working out very well" for the United States.

Tehran put limits on the Strait of Hormuz's opening, as the United States issued a new sanctions exemption on the sale of Russian oil.

President Trump said without a deal, US may allow ceasefire to expire next week, while Iranian leaders said they won't reopen the Strait of Hormuz.

Iran's military has accused the U.S. of failing to fulfil its obligations after the Strait of Hormuz was reopened on Friday.

Iran said it has opened the Strait of Hormuz and President Trump said the regime is very close to making a deal. He told CBS News' Weijia Jiang that Iran had agreed to virtually everything the U.S. pushed for when the war started.