Trump Turns Down Iran's Strait of Hormuz Proposal
President Donald Trump rejected Iran's latest proposal to reopen the Strait of Hormuz, saying Iran is suffering severe losses under U.S. pressure. Trump said the U.S. has reversed Iran's closure attempt and is protecting commercial traffic, with roughly 60 million barrels of oil moving through the strait in 72 hours. He added that he remains open to a deal on acceptable terms.
Iran’s foreign minister, Abbas Araghchi, outlined a seven-day sequence: preparatory work in four to five days, reopening the strait on day six, and talks with Washington on day seven, contingent on U.S. acceptance. Tehran’s reported conditions include ending the naval blockade, halting hostilities more broadly, including in Lebanon, easing oil sanctions, and releasing frozen assets.
Trump has framed the nuclear issue as the core obstacle, stating Iran must not obtain a nuclear weapon. U.S. officials said about 60 million barrels of oil transited Hormuz in 72 hours, with 29 vessels passing the prior night.
The standoff may keep energy markets volatile, affecting shipping firms, insurers, oil importers, and consumers through possible fuel-price swings. If talks stall, businesses reliant on Hormuz transit could face higher costs and uncertainty; if a deal emerges, trade flows and regional tensions could ease. Iranian households may feel continued economic pressure, while global supply chains could adjust to prolonged disruption.