President Donald Trump has rejected a seven-day ceasefire proposal put forward by Iran, informing his aides that he anticipates restarting military strikes against the country following the November midterm elections, according to US officials who spoke with the Wall Street Journal.
Because this development emerged over the weekend while traditional stock markets were closed—and with oil markets remaining shut until Sunday evening, US time—Bitcoin, which trades continuously, was left to bear the initial market reaction.
What Iran Offered and Why Trump Said No
Iranian Foreign Minister Abbas Araghchi presented the initiative on Thursday at the UN General Assembly, with Qatar acting as the messenger to Washington.
The proposal called for a cessation of hostilities across all fronts, including Lebanon. In exchange, the United States would terminate its naval blockade of Iranian ports, relax oil sanctions, and return a portion of frozen Iranian assets.
As part of the arrangement, Iran agreed to reopen the Strait of Hormuz—the vital sea lane serving as the primary passage for Gulf oil and gas exports—after which nuclear negotiations would resume.
“The moment they accept this plan, from the next day, this timetable can start, and after seven days, the strait will be open,” Aljazeera reported, citing Araghchi.
Washington turned down the offer. Officials told the Journal that Trump remains skeptical that Iran will fulfill his demands, and the US has informed Tehran that the blockade will remain in place. The Journal noted that the blockade has inflicted severe damage on the Iranian economy.
The rejected terms closely mirror a June 17 agreement that briefly paused the conflict before eventually breaking down.
Trump Told the UN the Election Would Not Shape His Iran Policy
Just four days prior to the report, Trump addressed global leaders at the UN and brushed off the significance of the midterm elections.
“I am not running. I gave absolutely no credence and will not give credence to the election when it comes to Iran. It doesn’t even enter my mind,” Trump said.
During the same address, he accused Iran of dragging out negotiations to gauge his political standing at the ballot box. He also stated that he faces a choice between reaching an agreement or moving swiftly to “annihilate” the Islamic Republic.
Behind closed doors, however, officials indicate that Trump views a renewed bombing campaign post-election as probable. Publicly, he maintains that Tehran is pleading for a post-midterm deal that would dismantle its nuclear capabilities.
His stance could still evolve as the conflict continues and final election outcomes are determined. The vote is scheduled for November 3, exactly 38 days away.
Will Oil and Bitcoin Hold After Trump’s Iran Decision?
When US military strikes last resumed on July 8, Brent crude—the international oil benchmark—climbed over 3% to reach $76.48 a barrel.
Crude prices are currently much higher. According to Trading Economics, Brent finished Friday at $104.32, marking roughly a 36% increase compared to the day strikes resumed in July, and trades at $101.86 at press time.
Brent contracts retreated 1.15% during Friday’s trading session to settle at $95.95. Similarly, Bitcoin dropped briefly beneath the $84,000 threshold immediately following the news.
The broader decline occurred earlier in the week, with Bitcoin sliding from above $87,000 on Wednesday down to approximately $83,250 on Thursday, and has traded narrowly above that low point ever since.
Throughout previous phases of the conflict, Bitcoin has tended to rally on indicators of peace, moving past $81,000 when Trump contemplated ending the war.
On Friday, Iran indicated it was still awaiting an official response from the US, as diplomatic communications via regional intermediaries remain active. The midterms—following which Trump is reportedly expected to restart the bombing—are five weeks away.