Trump Says Iran War Will End 'Very Soon' as Strait of Hormuz Talks Continue
Key Takeaways
- •President Trump said the US-Iran war would end "very soon," but no ceasefire was announced and neither Washington nor Tehran has confirmed any agreement.
- •Iran's proposal would reopen the Strait of Hormuz within seven days after fighting stops, in exchange for the US lifting its naval blockade, easing oil sanctions, and releasing at least $12 billion in frozen assets — an offer Trump rejected on September 26.
- •Reports citing US officials say the negotiations have struggled to make progress, with current discussions centered on the timing of reopening the strait and the US easing its blockade.
- •Iran's rial fell below 2.5 million per US dollar on Tuesday, a record low, as sanctions and the naval blockade restricted the country's oil exports.
- •Oil shipments through the Strait of Hormuz averaged about 13.2 million barrels per day over the past week, nearing pre-war levels, while Brent crude stood at $106.77 on September 29.
President Donald Trump said the war between the United States and Iran will end "very soon," speaking after US officials held discussions with mediators working on a potential deal. The president announced no ceasefire, and neither Washington nor Tehran has confirmed any agreement.
Trump made the remarks to reporters in the Oval Office on Monday, saying "we're going to win" and predicting a quick outcome. Any end to the fighting runs through the Strait of Hormuz, the waterway at the center of both the negotiations and Iran's reopening plan.
News of the talks' difficulties continued to emerge, however. In a post on X, the account The Hormuz Letter wrote:
BREAKING: US-Iran talks have failed to make progress, with Trump now inclined to order a return to major combat operations after the November midterms, US officials tell Axios. Trump said just six hours ago that the war will be over "very, very soon." Iran's SNSC chief Rezaei… — The Hormuz Letter (@HormuzLetter) September 30, 2026 (source)
Hormuz Proposal Anchors the Talks
Iran's proposal remains the basis of the negotiations. Foreign Minister Abbas Araghchi said Tehran sent a plan that could reopen the Strait of Hormuz within seven days, which he presented during the United Nations General Assembly in September.
Under the terms, fighting would stop before Iran reopened the strait, after which the two countries would begin talks on Iran's nuclear program. Iran also asked the United States to lift its naval blockade, ease sanctions on oil exports, and release at least $12 billion in frozen Iranian assets.
Trump rejected the offer on September 26. Mediators have since shared a revised approach, and the Financial Times reported that the discussions now focus on timing — specifically, when Iran would reopen Hormuz and when the US would ease its blockade. Sequencing carries weight here because the June deal collapsed over precisely this kind of operational detail.
Trump denied giving Iran anything in exchange for nuclear concessions, writing on Truth Social, "I offered them NOTHING." The denial addressed what the United States had offered, and it did not walk back his earlier statement that officials had spoken with mediators.
The current proposal builds on a June agreement that collapsed. That earlier deal allowed commercial ships to use the waterway during talks, but it broke down over disputes about shipping routes.
Iran has continued to link any agreement to changes in US sanctions and military actions. Araghchi said Tehran wants a diplomatic resolution, while Ebrahim Azizi, who leads a parliamentary security panel, questioned Trump's account of how the war will end.
Iran's Economy Under Strain
Sanctions and the naval blockade have restricted Iran's oil exports. The Iranian rial fell below 2.5 million per US dollar on Tuesday, marking a record low — a level that raises the local cost of imports. Trump said gas prices would fall once the war ends — an outcome that depends on a deal that has not yet been reached.
Markets and Treasury Yields
Bitcoin traded near $83,081 after Trump's comments. Ethereum was near $2,680 and XRP near $1.48, with each down more than 1.5%.
The US 30-year Treasury yield rose during the same period, and long-dated yields set the benchmark for borrowing costs across the economy. The 10-year yield had reached 5.20% on September 25, with the 30-year closing at 5.47%.
US spot Bitcoin exchange-traded funds saw $2.39 billion in net inflows over five trading days through the prior Friday, a figure watched as a gauge of institutional demand through US-listed funds. Bitcoin had fallen below $84,000 after Trump rejected Iran's initial offer.
Oil Flows Nearing Pre-War Levels
Oil prices have shifted with expectations around the Strait of Hormuz. Brent crude stood at $106.77 and US crude at $93.94 on September 29, according to Reuters.
Oil shipments through the strait have climbed closer to pre-war levels. Kpler data showed average flows of about 13.2 million barrels per day over the past week despite continued attacks. The pace of those flows serves as a running measure of how close the waterway is to pre-war operation — the number to watch as the timing dispute over reopening and blockade relief plays out.
This article originally appeared on CoinCentral.
