Donald Trump said Iran was seeking a ceasefire because it was suffering severe economic and military pressure after closing the Strait of Hormuz. He rejected Tehran’s proposal, which reportedly offered to reopen the waterway and resume nuclear talks in return for US concessions, including lifting a naval blockade, calling the terms unacceptable.

Trump claimed the US had “total control” of Hormuz and had created a blockade allowing other vessels to use the route, while Iran said reopening it would take about six days under a temporary truce. The strait previously carried roughly a fifth of the world’s traded oil, and disruptions have increased crude and petrol prices; about 61 per cent of US voters reportedly regard fuel costs as a major concern ahead of the midterm elections. Trump has also threatened further military action if no agreement is reached.