President Donald Trump rejected a proposed seven-day ceasefire from Iran on Saturday, saying Tehran's offer to reopen the Strait of Hormuz came only "because they're dying" from lost oil revenue. The decision keeps in place what Trump called "the greatest blockade ever in military history" — a naval cordon that's choked off Iranian exports while allowing other nations' shipping to continue through the strategic waterway.
"I've rejected their deal," Trump said. "They want to make a deal where they open the strait immediately because they're losing so badly." He added that 29 ships passed through the strait Friday night under U.S. control, and that "massive amounts of oil are coming out of the Hormuz Strait." Trump framed Iran's proposal as desperation. "You know why they're dying? Because they have no money coming in. Because they get their money from the Hormuz Strait," he said.
The Rejected Proposal
The Wall Street Journal reported Friday that Iran's offer called for the U.S. to lift its naval blockade, unfreeze some Iranian assets and ease sanctions on Iranian oil exports in exchange for reopening the Strait of Hormuz and resuming nuclear negotiations. Trump told aides he was skeptical Tehran would meet U.S. demands despite continued negotiations through regional mediators. The Journal said Trump expected U.S. bombing of Iran to resume after the November midterm elections later this year, though officials noted his position could change as negotiations continue. The U.S. has told Iran and mediators that Trump doesn't intend to lift the maritime blockade, the outlet reported.
The standoff has entered its seventh month. Commercial shipping traffic through the Strait of Hormuz "remains approximately 75% below pre-conflict levels," according to the United Kingdom Maritime Trade Operations Centre this week. Tankers remain the predominant vessel type transiting the strait, and the southern Omani route remains the most reported corridor, accounting for 26 of 43 projectile strike incidents reported by UKMTO since 2 months ago.
Energy Market Strain
The strain on commercial shipping is affecting energy prices. As of Saturday, the national average price of a gallon of gas was $4.49, up from $4.10 a month ago, according to AAA. That 39-cent jump in 30 days reflects the continued disruption to global oil flows through the world's most critical petroleum chokepoint.
Trump repeated his vow Saturday that the Iranian regime cannot obtain a nuclear weapon. "IRAN CAN NOT HAVE A NUCLEAR WEAPON!!!" he wrote on Truth Social. The remark came days ago after Trump told the U.N. General Assembly that he had a "big decision" to make on the war against Iran. "Will a deal be made with Iran that lets them rebuild and create a far greater country than it ever was before? Maybe one of the greatest in the Middle East or even the world. Or do I annihilate the Islamic Republic and do it quickly, never giving them a chance to kill and destroy people and countries again?" he said.
Islamic Revolutionary Guard Corps spokesperson Brig. Gen. Hossein Mohebbi vowed Tehran "will not stop punishing the U.S. until Iran's seven conditions are met," according to Iranian state media. Tehran has been calling on the Trump administration to lift the U.S. military's naval blockade on Iranian ports and unfreeze some Iranian assets, among other asks. "We are the victors of the war and are turning it into permanent strategic deterrence," Mohebbi was quoted as saying Friday by Iran's Tasnim News Agency.
Regional Ripple Effects
Trump also shared an image on his Truth Social account labeling the Strait of Hormuz the "Trump Strait" after a report said he rejected the proposed ceasefire. About 1 month ago, Trump said, "Pretty soon I'll be declaring the Hormuz Strait a territory of the United States."
Saudi-led coalition spokesperson Col. Turki al-Malki said Saudi Arabia's air defenses intercepted and destroyed two drones launched by the Iran-backed Houthi militia toward the Riyadh area and a ballistic missile launched toward Khamis Mushait. He said, "escalations and violations by the terrorist Houthi militia will be dealt with firmly."
The Office of Iraq's Prime Minister said Saturday it was in talks with the U.S. Treasury Department to secure an exemption linked to the shutdown of Iranian airlines. Treasury Secretary Scott Bessent said earlier this week that all Iranian airlines will be "shut down" starting 4 days from now during the Operation Economic Outcast pressure campaign against the regime in Tehran. Bessent said, "And how do we do that? That if they land, you cannot provide them with fuel. You cannot provide them with landing services, you cannot sell them tickets, or you will be knocked out of the dollar system." Iraq said it was conducting direct dialogue with the American side to exempt some Iraqi airports from the measures for humanitarian reasons related to treatment, study, religious visits and civilian interests. It said it was working to de-escalate the situation and called on all parties to engage in dialogue and negotiation to end the current crisis and conflicts.
Israel's military struck a Hezbollah weapons storage facility in southern Lebanon, saying the facility stored weapons used to target IDF soldiers operating in the Security Zone. U.S. Central Command released a photo Saturday showing an F/A-18 Super Hornet preparing to take off from the flight deck of the USS George Washington as it sailed in regional waters in the Middle East. CENTCOM said more than 50,000 U.S. service members are currently operating across the Middle East and remain vigilant, lethal and prepared to continue executing operations directed by the Commander in Chief. As of Friday, CENTCOM forces had redirected 122 commercial vessels to ensure strict compliance with an ongoing blockade of Iranian ports.
Why This Matters:
Trump's rejection of Iran's ceasefire proposal signals that economic and military pressure on Tehran will continue at least through the midterm elections later this year. The naval blockade has successfully denied Iran its primary revenue source — oil exports through the Strait of Hormuz — while maintaining access for other nations' commercial shipping. That's a strategic success, but it comes with costs. American consumers are paying $4.49 per gallon for gas, up nearly 40 cents in a month, as shipping disruptions ripple through global energy markets. The deployment of more than 50,000 U.S. service members across the Middle East represents a significant military commitment. Iraq's request for exemptions from the Iranian airline shutdown, set to begin 4 days from now, shows how U.S. economic sanctions are forcing regional governments to choose between humanitarian concerns and compliance with American financial power. The redirection of 122 commercial vessels demonstrates the scope of enforcement required to maintain the blockade.