President Donald Trump said on Saturday that he turned down a proposal from Iran to reopen the Strait of Hormuz, delivering the remarks to reporters as he left the White House.

JUST IN: 🇺🇸🇮🇷 President Trump rejects Iranian proposal to reopen the Strait of Hormuz and end fighting, saying Tehran wants a deal “because they have no money coming in.”

— Whale Insider (@WhaleInsider) September 27, 2026

According to Trump, Iran wanted the strait reopened immediately and had put the offer forward because Tehran is losing ground economically. He said Iranian leaders were seeking a deal “because they have no money coming in.”

The Strait of Hormuz is a narrow waterway between Iran and Oman, and a large share of the world's oil shipments pass through it every day. The US Energy Information Administration estimates that roughly a fifth of global petroleum liquids consumption transits the passage, making it one of the world's most closely watched energy chokepoints. The waterway has been central to the standoff between Washington and Tehran, and the US naval blockade of Iranian ports remains in place.

What Iran Is Saying

Iranian Foreign Minister Abbas Araghchi responded on Sunday, saying Iran will not soften its conditions for reopening the strait. His comments came one day after Trump publicly dismissed the Iranian offer. Araghchi said Tehran had not yet received an official response from the United States, and that Qatar and Pakistan are acting as go-betweens for the two countries. He added that a negotiated solution remains the only way to resolve the standoff over the waterway.

According to a Bloomberg report, US and Iranian negotiators had been discussing a deal under which Iran would reopen the strait and the US would lift its blockade of Iranian ports. The proposed agreement would have resembled a deal reached in mid-June. That earlier agreement led to a ceasefire, but the truce fell apart weeks later.

Trump May Resume Strikes After the Midterms

The Wall Street Journal reported that Trump expects to restart bombing operations against Iran after the US midterm elections in early November. Trump said he is doubtful that Iran will meet his demands. When asked directly whether strikes would resume after the elections, he declined to answer.

Iranian President Masoud Pezeshkian told the United Nations General Assembly last week that Iran will not allow free navigation through Hormuz while US sanctions and the blockade remain in effect. Pezeshkian also said Iran will not give up its right to develop nuclear technology for economic use.

Regional Tensions Flare

Tensions rose elsewhere in the region over the weekend. Saudi-backed coalition forces said their air defenses stopped two Houthi drones aimed at Riyadh and intercepted a ballistic missile targeting Khamis Mushait in southern Saudi Arabia. The Houthis are an Iran-aligned movement based in northern Yemen. The interceptions came about a week after similar missile alerts were issued in the Saudi.

Oil and Natural Gas Prices Decline

Oil prices moved lower following the news, with Brent crude — the international benchmark — falling more than two percent in trading. Natural gas prices also declined during the same session, as the standoff over the waterway continued.

The standoff leaves Washington and Tehran without an agreement. Iran is holding firm on its conditions even after Trump's public rejection of its offer, and the US naval blockade of Iranian ports remains in effect. No new talks between the two sides had been scheduled as of Sunday.

This article originally appeared on CoinCentral.