Iran is standing firm on its seven-day proposal to reopen the Strait of Hormuz, refusing to soften its conditions even after President Donald Trump rejected the offer. Trump, while indicating that negotiations might resume this week, described Iran's demands as something Washington might have agreed to "about a year ago," suggesting Tehran has overplayed its hand. The proposed deal involved Tehran reopening the strait in exchange for Washington lifting a blockade on Iranian ports, similar to a fragile memorandum of understanding that collapsed in mid-June.
Iranian Foreign Minister Abbas Araghchi stated that Iran's conditions are clear and necessary for reopening the Strait, emphasizing that these demands are not new. He indicated a readiness to open the strait if certain U.S. actions are taken but expressed reluctance to re-engage with the current U.S. administration due to repeated attacks during Trump's second term. The conditions reportedly include a cessation of all hostilities in the Middle East, a return to the collapsed ceasefire deal's terms, the release of frozen Iranian assets, the lifting of sanctions on Iranian oil, and an end to the U.S. naval blockade.
U.S. Treasury Secretary Scott Bessent argued that the U.S. economic pressure campaign against Iran is proving effective. He claimed that China, the largest buyer of Iranian oil, has "substantially reduced any assistance to Iran." Bessent predicted that Iran would make its final oil delivery to China within the next two weeks, leaving them with no buyers, thus increasing pressure on them to negotiate a deal. Following Trump's rejection of Iran's proposal, Brent crude climbed 1.3% to just below $106 a barrel, renewing concerns about Middle East tensions.
