Key facts
- Iran offered to reopen the Strait of Hormuz within seven days in exchange for US concessions, including an end to the US naval blockade of Iranian ports and a waiver on oil sanctions.
- US President Donald Trump reportedly rejected Iran's proposal.
- Trump plans to resume bombing Iran after the midterm elections, according to The Wall Street Journal.
- Trump posted an image on Truth Social labeling the Strait of Hormuz 'Trump Strait'.
- Oil prices fell 3% on Tuesday, with Brent Crude slipping below $100 per barrel and WTI Crude falling to $91 per barrel.
Iran has presented a seven-day plan to reopen the Strait of Hormuz and resume nuclear talks in exchange for US concessions, including an end to the US naval blockade of Iranian ports and a waiver on oil sanctions. The proposal was conveyed to the US through intermediaries, with Qatar, Pakistan, and Egypt mediating. However, US President Donald Trump has reportedly rejected the plan and intends to resume bombing Iran after the midterm elections, according to The Wall Street Journal. Trump also posted an image on Truth Social labeling the Strait of Hormuz 'Trump Strait'.
Despite the reported rejection, a senior Iranian official told Kyodo News that there is a possibility of moving toward an agreement if the US shows seriousness and commitment. The official added that Iran would be prepared to reopen the Strait of Hormuz within seven days if the US takes steps toward ending the blockade. Iran's Supreme National Security Council Secretary, Mohsen Rezaei, previously communicated seven key conditions for Iran to return to negotiations, including the end of the US blockade and the release of frozen Iranian assets.
Iran has maintained it will not make nuclear concessions, even if its Strait of Hormuz proposal is accepted. US officials told Al Jazeera that Washington was in no hurry to respond to Iran’s proposal.