Trump Rejects Iran Ceasefire, Anticipates Bombing After Midterms

President Donald Trump rejected Iran’s offer of a seven‑day ceasefire and indicated that a bombing campaign could resume after the U.S. midterm elections in November. The decision was reported by U.S. officials and came as global markets were largely closed.

Details of the Iranian Proposal

Iranian Foreign Minister Abbas Araghchi presented a ceasefire plan at the United Nations General Assembly, which was conveyed to Washington via Qatar. The proposal called for an immediate halt to hostilities on all fronts, including Lebanon, a lifting of the U.S. naval blockade on Iranian ports, easing of oil sanctions, and the return of some frozen Iranian assets. In exchange, Iran would reopen the Strait of Hormuz, a key route for Gulf oil and gas, and restart nuclear negotiations.

U.S. Response

Trump and his administration dismissed the proposal, citing doubts about Iran’s willingness to meet U.S. demands and maintaining the blockade, which officials say is harming Iran’s economy. Trump reiterated at the UN that the upcoming midterm election would not influence his Iran policy and suggested a choice between a diplomatic deal and a rapid military response.

Market Reaction

With stock markets closed and oil markets not reopening until Sunday evening (U.S. time), Bitcoin was the first major asset to react. Bitcoin briefly fell below $84,000 after the news, settling around $83,250. Brent crude, the global oil benchmark, had previously risen more than 3% to $76.48 per barrel when U.S. strikes resumed in July. At the time of writing, Brent was trading near $101.86, after a recent dip to $95.95.

Outlook

The midterm elections are scheduled for November 3, roughly five weeks from the report. Analysts note that Bitcoin has historically rallied on peace signals, while oil prices remain sensitive to any escalation in the region.