Trump Rejects Iran Ceasefire, Expects Bombing After Midterms: Will Oil and Bitcoin Hold?

President Donald Trump has turned down Iran’s offer of a seven-day ceasefire. He has told aides he expects to resume bombing Iran after the November midterm elections, US officials told the Wall Street Journal. The news broke on a weekend, with stock markets shut.

Oil markets are also closed until Sunday evening, US time. That leaves Bitcoin, which trades around the clock, to react first. What Iran Offered and Why Trump Said No Iranian Foreign Minister Abbas Araghchi unveiled the plan at the UN General Assembly on Thursday.

Qatar carried it to Washington. Under the plan, fighting would stop on every front, including Lebanon. The US would lift its naval blockade of Iranian ports and ease oil sanctions. Iran would get some frozen assets back. In return, Iran would reopen the Strait of Hormuz.

This narrow sea lane is the main exit for Gulf oil and gas. Nuclear talks would then restart. “The moment they accept this plan, from the next day, this timetable can start, and after seven days, the strait will be open,” Aljazeera reported, citing Araghchi. Washington said no.