Trump dismissed an alleged Iran deal, calling it a fabrication, and said he was open to lengthy negotiations, noting “midterms” irrelevant. He also rebuked claims that Iran could outwait him. He signaled willingness to discuss reopening the Strait of Hormuz for commercial traffic while the United States would lift its naval blockade. The comments came during a cabinet meeting that aired on Wednesday.

The draft outlined Iran reopening the strait and the U.S. withdrawing an unspecified number of forces, with management shared with Oman to return traffic to prewar levels within a month. Notably, it omitted any reference to Iran’s uranium stockpile or frozen assets, the core sanctions issues. Trump warned Oman against sharing control, threatening an American bombing campaign. The proposal also suggested joint patrols to ensure security.

The denial quashes market speculation that oil shipments might surge if the strait reopened, keeping Brent futures near recent highs. Investors see no immediate shift in sanctions enforcement, and the U.S. naval posture remains unchanged. By dismissing the unofficial deal, the administration maintains‑status‑quo pressure on Tehran. The White House’s stance leaves existing constraints on Iranian oil exports intact.