Trump Rejects Iran's Strait of Hormuz Reopening Proposal
Oil prices rose more than 1% after US President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz and resume negotiations, keeping uncertainty over Middle East energy supplies elevated.
The gains followed Trump's rejection of Tehran's proposal to reopen the strategic waterway and restart nuclear negotiations within seven days. Iranian Foreign Minister Abbas Araghchi had outlined the proposal on Friday on the sidelines of the United Nations General Assembly in New York, saying that 'If certain conditions are met, the Strait of Hormuz will be open at the end of seven days, and talks will be restarted.'
The conditions included an end to what Tehran describes as US 'acts of aggression', the lifting of the naval blockade and economic restrictions, and the release of Iranian assets. Trump's rejection has raised concerns that disruptions to shipping through the Strait of Hormuz could persist.