US President Donald Trump has rejected an Iranian proposal to reopen the Strait of Hormuz to commercial shipping within seven days. The deal, which would have allowed the vital waterway to resume normal maritime passage, was rejected by Trump, who said Tehran 'want to make a deal where they open the Strait immediately because they're losing so badly.'
Iran's Foreign Minister Abbas Araghchi said the proposal was based on a memorandum of understanding signed with the US in June, which included conditions for the lifting of sanctions and the end of the US naval blockade. However, Trump said he was skeptical that Iran would meet his demands and warned of a potential renewed bombing campaign following the November US midterm elections.
The Strait of Hormuz remains largely closed to international shipping despite claims by Trump that the US has 'total control' of it. The closure has caused fluctuations in energy prices and increased pressure on Trump to find a way to end the conflict, particularly as the US approaches Congressional elections in November. The situation has been exacerbated by Houthi attacks on Saudi oil installations and ongoing hostilities in the region.