Trump expects Iran talks to resume in coming week

U.S. President Donald Trump has rejected an Iranian proposal to reopen the Strait of Hormuz to commercial shipping within a week.

Iran's Foreign Minister Abbas Araghchi said Friday at the UN in New York that an agreement depended on meeting necessary conditions. He said those conditions were contained in a memorandum of understanding signed by the two countries in June.

The June memorandum was intended to establish a ceasefire and reopen the Strait of Hormuz at least partially.

The 14-point agreement stated that Iran would never possess a nuclear weapon. It also provided for the United States, Iran and their allies to end military operations on all fronts, alongside provisions to end a U.S. naval blockade and other sanctions.

The waterway normally carries around a fifth of the world's gas and oil supply. It has been effectively closed since war broke out in February.

An unnamed source close to Iran's delegation said the group in New York had no plans to negotiate with the United States. The statement described the delegation's plans, without announcing any new meeting.

Trump said Sunday that he expected negotiations to resume soon. His statement followed his rejection, a day earlier, of Tehran's proposal to reopen the Strait of Hormuz within seven days.

Iran says it has presented seven conditions for ending the war and reopening the Strait of Hormuz. Roughly 20 percent of the world's oil and gas passed through that strategic waterway before the war.

Iran's demands include a seven-day ceasefire across the Middle East, including Lebanon, where its ally Hezbollah faces regular Israeli bombardment.

Iran also demands the release of its frozen foreign assets, the lifting of sanctions on its oil sector and an end to the U.S. naval blockade.

President Trump denied offering Iran sanctions relief or access to frozen funds, saying in a Truth Social post that he had offered the country nothing.

Trump confirmed to reporters that American and Iranian negotiators exchanged messages through mediators on Monday.

Iranian Foreign Minister Abbas Araghchi said he expected a formal U.S. answer on Tuesday to Tehran's proposal to open the Strait of Hormuz.

A U.S. official said Trump was willing to provide sanctions relief and release frozen funds if there was concrete progress on nuclear issues. The official said Iran had indicated flexibility, but the two sides remained divided over the timing of commitments and which side would act first.

The strait carries tankers delivering oil from the Middle East to customers around the world. Uncertainty about when those vessels could move freely again during the war with Iran has contributed to swings in oil prices.