President Donald Trump told advisers on Monday he remains unconvinced of Iran’s offer to reopen the Strait of Hormuz and lift the naval blockade. The draft would end the chokehold while sidestepping any discussion of Tehran’s nuclear program, officials said. Trump warned that accepting it could be portrayed as a defeat for his administration. Leaders have warned that disruption could spill over into global markets.

Iran has repeatedly rebuffed American calls to suspend enrichment and hand over highly‑enriched uranium, and its foreign minister delivered the proposal to Pakistan on Sunday. Analysts estimate the blockade has shaved $2 billion off daily Iranian oil exports, tightening global supply. Yet some officials argue the U.S. pressure is eroding Tehran’s revenue, while hard‑liners remain unmoved.

Energy traders note that keeping the strait closed sustains a premium on Middle‑East crude, while investors watch for any shift that could ease shipping costs. With Trump insisting Iran cannot possess nuclear weapons, a deal that ignores the program would appear as a political win for Tehran. The prolonged standoff also risks prompting insurance premiums to surge, further inflating transport costs.