US rejected Iran's Hormuz proposal over "billions in frozen assets" demand: Ambassador to UN Mike Waltz

Economic Times - Sep 28, 2026

The United States has rejected Iran's proposal to reopen the Strait of Hormuz due to conditional demands. Iranian Foreign Minister Seyyed Abbas Araghchi stated that diplomacy remains an option amid tensions. US President Donald Trump expressed confidence in winning the conflict, suggesting military actions are possible before upcoming midterm elections.

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