Will the Strait of Hormuz reopen? Iran awaits US answer on Tuesday

On Monday, President Donald Trump dismissed a report by Axios stating that he had offered Iran sanctions relief and the release of frozen funds during ongoing Middle East tensions. "Axios just released a story that ‘Trump’ offered Sanctions Relief and Frozen Funds to Iran. This is untrue. I offered them NOTHING!" Trump declared on his Truth Social platform.

Axios claimed Trump "is willing to give Iran sanctions relief and release Iranian frozen funds in return for concrete Iranian steps regarding the nuclear programme," citing unnamed U.S. officials. The 80-year-old Republican called the story a "HOAX" and demanded the news site retract it. This comes as Iran's Foreign Minister Abbas Araghchi prepared to meet Qatari mediators in New York on Monday.

US and Iranian officials met last week in New York during the UN General Assembly. IRNA reported that Tehran had no more direct talks scheduled with Washington. On Saturday, Trump firmly rejected a proposal from Tehran to reopen the strategically vital Strait of Hormuz, which carries a fifth of the world's oil and liquefied gas and has been effectively blockaded since February 28 due to the ongoing conflict.

Since the war began, gas and other product prices in the US have surged, as Trump grapples with declining popularity in national polls and his party's concerns about losing their majority in Congress in the upcoming midterm elections.