Iran is awaiting an official response from the United States on a mediation-backed proposal to reopen the Strait of Hormuz and halt fighting across the Middle East, after a Wall Street Journal report said President Donald Trump rejected the plan.
The offer, transmitted through Qatari mediators, would have initiated a seven-day countdown to restoring shipping through the vital strait and pausing regional hostilities. It could have opened the door to broader negotiations between Washington and Tehran.
According to the WSJ, Trump was privately skeptical that Iran would meet U.S. demands and viewed renewed bombing as likely. He reportedly rejected the deal. A U.S. official had previously described mediators' talks as "positive and constructive," though Reuters could not independently confirm the report of Trump's rejection.
A senior Iranian official stated Tehran would not compromise on its nuclear rights, including uranium enrichment or shipping highly enriched uranium abroad. Iran's demands on Washington included an end to hostilities across the region, including in Lebanon, a lift of the blockade on Iranian ports, the release of frozen Iranian funds, and a waiver of oil sanctions.
The diplomatic push comes seven months after U.S. and Israeli attacks on Iran ignited the current conflict.
Iranian Foreign Minister Abbas Araqchi briefed Saudi Foreign Minister Prince Faisal bin Farhan on an understanding reached between Iran and Oman regarding safe shipping routes through the Strait of Hormuz.
On the security front, a Saudi-led coalition intercepted two Houthi drones headed toward Riyadh and one ballistic missile targeting Khamis Mushait on Saturday. The Houthis have targeted Saudi cities, energy infrastructure, and shipping since declaring a naval blockade against Riyadh in July.
Meanwhile, Turkish and Pakistani defense officials met in Riyadh on Friday to discuss intelligence sharing, military coordination, and force integration, following foreign ministerial talks.
Market reactions reflected the diplomatic developments: earlier reports of the Iranian proposal helped push Brent crude below $100 a barrel during the week. Brent crude futures closed at $106.77, up 3.58%, on Sept. 24, before settling at $104.45, down 2.02%, in subsequent session trading.
