President Trump has rejected a seven-day ceasefire proposal from Iran that would have reopened the Strait of Hormuz, with U.S. officials telling the Wall Street Journal that the president intends to resume bombing Iran once the November midterm elections are over.

The proposal, relayed through Qatari mediators, called for a phased roadmap: Iran would reopen the strategically vital waterway within seven days in exchange for the release of roughly $12 billion in frozen Iranian assets, the lifting of oil sanctions, and an end to the U.S. naval blockade on Iranian ports. It also called for a halt to hostilities across the region, including in Lebanon, with negotiations on a permanent deal to begin on the seventh day. Iranian Foreign Minister Abbas Araghchi estimated it would take four to five days to actually reopen the strait once terms were agreed.

Trump's Response

Trump turned the offer down, telling reporters he was skeptical Iran would actually follow through and that the U.S. is "winning tremendously" while Iran is "losing badly." U.S. Ambassador to the United Nations Mike Waltz said the president balked in part because Tehran wanted "everything up front," including billions in sanctions relief before any verified de-escalation. Trump later posted an image relabeling the waterway "Trump Strait," a nod to his repeated claims that the U.S. now holds "total control" of the passage.

THE CHOICE NOW RESTS WITH THE UNITED STATES. IRAN DOES NOT ACCEPT COERCION, THREATS OR INTIMIDATION.

That was Araghchi's response, delivered as Qatar continued shuttling messages between the two sides on the sidelines of the UN General Assembly in New York. Trump himself has not softened his own rhetoric; in his UN address last week he mused about whether to "annihilate" Iran and "drive them into hell."

The rejected proposal follows the collapse of an earlier framework, the June 17 Islamabad Memorandum of Understanding, which also fell apart before implementation. The stakes for global energy markets are significant — roughly one-fifth of the world's oil and liquefied natural gas normally passes through the Strait of Hormuz, and prices have stayed elevated for months as the conflict has dragged on. Brent crude was trading above $105 a barrel Sunday night, more than a dollar higher on the session, as traders weighed the prospect of continued disruption.

According to the Journal's sourcing, Trump's own advisers expect him to hold off on any major new military action until after Americans vote on November 3rd, then revisit a bombing campaign against Iranian targets if Tehran hasn't met his terms. Qatari mediators are expected to keep pressing both sides in the meantime, but with Washington unwilling to move first and Tehran refusing to reopen the strait without guarantees, there's no indication either side is close to a deal.