An unexpected response from US President Donald Trump is expected to cause further turmoil in global hydrocarbon markets. Foreign media report that Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz.
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Iran’s top diplomat, Abbas Araghchi, announced during the week that Tehran had presented the United States with a new offer to consider reopening the critical waterway and resuming negotiations between the two countries, in exchange for the US fulfilling several longstanding demands.
However, Trump’s rejection has created another tense situation. “I reject their proposal,” the US president told foreign media.
“They want to make a deal to immediately open the strait because they are losing a lot. They want to make a deal, and I think that’s fine. I also like making deals, but that deal would not be acceptable,” Trump added.
Trump’s refusal to reach an agreement on reopening the Strait of Hormuz could be followed by higher hydrocarbon prices, especially for oil and gasoline, whose costs have been “fluctuating” throughout 2026.
