Under the rejected proposal, the US would take agreed steps within four or five days, the strait would reopen on day six and talks on a final deal would begin on day seven, Araghchi told reporters. Trump confirmed Saturday he had turned it down. "I'm rejecting their deal," he said. "They want to make a deal where they open the strait immediately because they're losing so badly. We have total control of the Hormuz Strait." He has told aides he expects to resume bombing Iran after the November midterms, US officials told the Wall Street Journal, which reported that a US official said tanker flow through Hormuz lessens the urgency of a deal.
The rejection rallied oil and hit bonds. Brent crude climbed above $107 a barrel and the 10-year Treasury yield rose 7 basis points to 5.23%, its highest since 2007. Iran says it will not soften its conditions. Araghchi said Tehran is ready for diplomacy but fully prepared for the war to resume, while President Masoud Pezeshkian said, "we will die but we will not submit to humiliation."