According to a Reuters report, Iranian Foreign Minister Abbas Araqchi said Sunday that Tehran’s conditions for reopening the strategic waterway remain unchanged.
- Iran presented the proposal during the United Nations General Assembly after transmitting it to the U.S. through Qatari mediators, the report noted.
- Under the plan, an agreement would trigger a seven-day countdown to reopen the Strait of Hormuz and pause regional fighting.
- Trump reportedly said on Saturday that he had rejected the proposal, arguing that Iran was seeking a deal to reopen the waterway because it was under heavy pressure.
Iran is pushing back on President Donald Trump’s rejection of its proposal to reopen the Strait of Hormuz, saying a negotiated agreement remains the only way to break the current deadlock between Tehran and Washington.
According to a Reuters report, Iranian Foreign Minister Abbas Araqchi said Sunday that Tehran’s conditions for reopening the strategic waterway remain unchanged, while noting that mediators have yet to formally convey Washington’s final position on the proposal.
“Our conditions are clear, and any move toward reopening the Strait of Hormuz is contingent on these conditions being met. Only a negotiated solution can get them out of this deadlock,” Araqchi said.
Iran Keeps Diplomacy On The Table
Iran presented the proposal during the United Nations General Assembly after transmitting it to the U.S. through Qatari mediators, the report noted. Under the plan, an agreement would trigger a seven-day countdown to reopen the Strait of Hormuz and pause regional fighting, followed by broader negotiations on issues agreed by both sides.
Trump, however, reportedly said on Saturday that he had rejected the proposal, arguing that Iran was seeking a deal to reopen the waterway because it was under heavy pressure.
Araqchi said Iran is still waiting for mediators to communicate Washington’s definitive position before deciding how to proceed. A U.S. official had previously described the mediated discussions as “positive and constructive.”
US Bombing Could Be Renewed After Midterms, Says Report
While Trump has publicly stressed his goal of preventing Iran from acquiring a nuclear weapon, U.S. officials told The Wall Street Journal that he has privately indicated to aides that renewed bombing of Iran could become necessary after the November midterm elections.
At the same time, Trump has signaled reluctance to launch another major military operation, while continuing to use the threat of military action as leverage in negotiations with Tehran.
Crude Oil Cools
Crude oil prices cooled last week, with the U.S. West Texas Intermediate (WTI) futures expiring in November falling 3.82% 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 $97.44 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 on Friday, 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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