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Trump rejects Iran's Hormuz proposal as 'not acceptable'; futures slide, oil climbs
Trump said Sunday he had rejected Iran's Saturday proposal to reopen the Strait of Hormuz, calling it "not acceptable" — while still expecting US-Iran talks this week. Dow futures fell more than 160 points Sunday evening; Brent crude rose 2% to $106.29 a barrel.
Why it matters
US President Donald Trump said Sunday he had rejected a proposal Iran presented to the US on Saturday, calling it "not acceptable." The Iranian proposal offered to reopen the Strait of Hormuz and restart nuclear talks within a week if Washington lifted its naval blockade of Iranian ports, removed sanctions on Iranian oil sales and restored a regional ceasefire.
Full report
Trump told reporters that Tehran wanted the deal because "they're losing so badly," adding: "They want to make a deal, but it is not the deal that I want to make." He said he expects another round of US-Iran talks this week, possibly as early as Monday.
The weekend exchange followed indirect negotiations held on Tuesday, September 22, on the sidelines of the 81st UN General Assembly in New York, where US envoys Steve Witkoff and Jared Kushner held talks with Iranian Foreign Minister Abbas Araghchi, with Qatari officials shuttling messages between the delegations.
Market reaction
On Sunday evening, US stock futures ticked lower: Dow futures fell more than 160 points (about 0.3%), S&P 500 futures slipped 0.21% and Nasdaq futures dropped about 0.19%. Brent crude rose as much as 2% to $106.29 a barrel.
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