Trump Rejects Iran Ceasefire Proposal Amid Nuclear Talks

President Donald Trump rejected a ceasefire proposal from Iran, claiming the terms were unacceptable and that Tehran had overplayed its hand. The rejected deal offered to reopen the Strait of Hormuz and restart nuclear negotiations in exchange for the U.S. unfreezing Iranian assets and lifting oil export sanctions. Trump stated that Iran sought the deal because they are losing so badly, though he expects further negotiations to begin as early as Monday.

While Trump is open to providing sanctions relief and releasing frozen funds if Iran makes concrete progress on its nuclear program, he has reportedly told aides he intends to resume bombing Iran after the November midterm elections. Indirect negotiations mediated by Qatar are described by U.S. officials as positive and constructive. Iranian Foreign Minister Abbas Araghchi has met with Qatari mediators in New York to discuss modifications to the proposal, stating that while Iran prefers diplomacy, it is prepared for a doomsday war.

Economic pressure continues through Operation Economic Outcast. Treasury Secretary Scott Bessent reported that U.S. port blockades have left Iran with approximately 15 million barrels of oil for delivery to China, predicting Tehran will have nothing left to trade within two weeks. The diplomatic tension triggered a surge in Brent crude prices above $107 a barrel and caused U.S. stock indices to tumble, leading Trump to consider a ban on diesel exports to combat domestic price increases.