Trump Rejects Ceasefire, Expects Bombing After Midterms
President Donald Trump has rejected Iran's offer of a seven-day ceasefire, and told aides he expects to resume bombing Iran after the November midterm elections. According to US officials, this decision was made despite the potential consequences for global markets.
The Iranian Foreign Minister Abbas Araghchi unveiled the plan at the UN General Assembly on Thursday, which included lifting the naval blockade of Iranian ports and easing oil sanctions in exchange for Iran reopening the Strait of Hormuz and restarting nuclear talks. However, Trump doubts Iran will meet his demands and has told them that the blockade stays.
Oil markets are closed until Sunday evening, but Bitcoin, which trades around the clock, has already reacted to the news. The price of Brent crude, the global oil benchmark, slipped 1.15% during Friday's session to $95.95, while Bitcoin briefly fell below $84,000 in the immediate aftermath.
Trump told world leaders at the UN four days ago that he would not let the election influence his Iran policy, but privately, officials say he sees a new bombing campaign after the vote as likely. The midterms are just 38 days away, and it remains to be seen whether Trump's view will shift once the results are in.