Trump Rejects Iran's Proposal to Reopen Strait of Hormuz
US President Donald Trump has rejected Iran's new proposal to reopen the Strait of Hormuz, a move that could lead to a return to fighting and drive up oil prices. The Iranian government had proposed a deal with Washington to end the conflict and allow the US to lift its naval blockade of Iranian ports, release frozen assets, and waive sanctions on oil sales.
The new proposal was made in response to the dire economic situation facing Iran, which has seen its currency hit record lows and inflation soar. Tehran had also been pushing for a quick deal as it prepares for the US midterm elections in November.
Iran's top diplomat, Foreign Minister Abbas Araghchi, said that 'the choice now rests with the United States' after the Iranian government proposed a new agreement to Washington. However, Trump rejected the proposal, saying 'I'd like to make a deal, too. But that deal would not be acceptable.'
Analysts believe that Trump's rejection of the proposal could lead to a return to fighting between Iran and the US, which could drive up oil prices just as the US is heading into the midterm elections.