President Trump has rejected Iran’s latest peace proposal for the Strait of Hormuz, saying Tehran wants a deal because it is losing. Oil markets climbed on the news.Iran offered to reopen the strait within seven days and restart nuclear talks. In return, it wants the US naval blockade lifted, sanctions on oil sales eased and access to frozen funds.

US envoys met Iran’s foreign minister on the sidelines of the UN General Assembly.Trump said the offer resembled a deal Washington might have accepted a year ago. He told reporters that US forces were taking record amounts of oil out of the strait. Treasury Secretary Scott Bessent said 15 to 22 million barrels a day were flowing, close to pre-conflict levels.Iran’s foreign minister Abbas Araghchi said Tehran stood by its conditions.

He posted that only a negotiated solution can end the deadlock. Qatari mediators are still working to revive the indirect channel.Brent crude traded above 100 dollars after the rejection. The standoff remains the key risk for global energy prices heading into winter.