Trump rejects Iran's conditional ceasefire proposal, WSJ reports

Key Points:

• President Donald Trump has rejected Iran's conditional offer to reopen the Strait of Hormuz and resume nuclear talks, indicating privately he expects to restart bombing Iran after the November mid-term elections, according to The Wall Street Journal.
• Iran's proposal, made by Foreign Minister Abbas Araghchi, included reopening the strait and restarting talks within seven days if the U.S. halts aggression, lifts the naval blockade, ends economic warfare, and releases Iranian assets.
• Despite reduced direct conflict between U.S. and Iranian forces, Iran-backed Houthi rebels in Yemen have intensified attacks on Saudi Arabia, with the Saudi-led coalition intercepting drones and ballistic missiles targeting Riyadh and southern regions.
• The ongoing conflict has disrupted Middle Eastern energy shipments, causing oil prices to surge; however, crude prices fell sharply this week amid negotiations between Tehran and Washington at the U.N. General Assembly.
• West Texas Intermediate crude dropped 2.3% to $92.41 per barrel, and Brent crude fell 2.1% to $104.32, with WTI down nearly 8% for the week despite significant year-to-date gains in oil prices.