According to a Wall Street Journal report, Trump is skeptical that Iran will meet his demands amid ongoing negotiations between Tehran and Washington.
- The U.S. has told Iran and regional mediators that Trump does not currently intend to lift the maritime embargo, according to the report.
- This comes amid Iran’s proposal to temporarily pause the fighting while creating a framework for broader negotiations over its nuclear program and the Strait of Hormuz.
- Under the proposal, Iran would reopen the Strait of Hormuz and resume nuclear talks in exchange for Washington lifting its maritime blockade, easing some economic pressure and releasing certain frozen Iranian assets.
President Donald Trump has reportedly rejected a seven-day ceasefire proposal from Iran, signaling that the months-long conflict between Washington and Tehran could remain unresolved heading into the November midterm elections.
According to a report by The Wall Street Journal, Trump is skeptical that Iran will meet his demands, amid ongoing negotiations between Tehran and Washington.
Trump Has No Intention Of Lifting Maritime Embargo, Says Report
The U.S. has told Iran and regional mediators that Trump does not currently intend to lift the maritime embargo, according to the report. Washington believes continued economic pressure could push Tehran toward an agreement on terms more favorable to the U.S. and its regional partners.
This comes amid Iran’s proposal to temporarily pause the fighting while creating a framework for broader negotiations over its nuclear program and the Strait of Hormuz.
Under the proposal, Iran would reopen the Strait of Hormuz and resume nuclear talks in exchange for Washington lifting its maritime blockade, easing some economic pressure and releasing certain frozen Iranian assets.
Trump Eyes Renewed Bombing After Midterms
While Trump has publicly emphasized his push to prevent Iran from obtaining a nuclear weapon, U.S. officials said he has privately told aides that he expects renewed bombing of Iran could become necessary after the November midterm elections, the report added.
Trump has also indicated that he is reluctant to launch another major combat operation, even as he has used the threat of military action as leverage in negotiations with Tehran.
The president told world leaders at the United Nations this week that electoral politics would not influence his Iran policy, saying his focus was on ensuring that Iran never obtains a nuclear weapon.
Crude Oil Continues To Cool
Crude oil prices continued to cool, with the U.S. West Texas Intermediate (WTI) futures expiring in November falling 3.82% this week to $92.44 a barrel after a 3.97% fall the week before. Brent crude futures expiring in November edged up by 0.43% this week, hovering around $104.45 a barrel after a 0.71% decline the week before.
The United States Oil Fund ETF (USO) declined about 3% on Friday, while the ProShares Ultra Bloomberg Crude Oil ETF (UCO) fell about 2.6%.
During the after-hours session, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, rose 0.09%; the Invesco QQQ Trust ETF (QQQ) gained 0.12%; and the SPDR Dow Jones Industrial Average ETF Trust (DIA) rose 0.04%. Retail sentiment on Stocktwits regarding the S&P 500 ETF was in the ‘extremely bullish’ territory.
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