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Iranian Foreign Minister Abbas Araghchi said that Tehran has proposed a deal to the US to reopen the Strait of Hormuz within a week.
Talking to the reporters at the UN in New York, Araghchi said that the key waterway could be open "if the necessary conditions are met", penned down within the memorandum of understanding (MOU) signed in June.
What did Iran say about the Strait of Hormuz?
"The choice now rests with the United States," he said, adding the plan was delivered to the US via Qatar.
"If the necessary conditions are met, the strait can be reopened, a normal maritime passage restored within seven days," Araghchi told reporters.
Trump's response to Tehran's deal
However, with hours of his comments The Wall Street Journal reported that Trump had rejected the proposal, citing US officials familiar with the matter.
The report noted that the US President was not sure if Tehran would meet his demands and added he sees a renewed bombing campaign as likely.
Trump also posted an image to his Truth Social platform of a map showing the Strait of Hormuz circled and labelled "Trump Strait".
Tensions between the US and Iran
The US and Israel launched air strikes on Iran on February 18, which was followed by Tehran attacking Israel and US bases in the Gulf and Arab Gulf allies of the US, as well as blocking the Strait of Hormuz.
Around 20% of the world's oil and liquefied natural gas used to pass through the strait before the war, and its closure has caused wild fluctuations of energy prices.
About the June MOU
The MOU between the US and Iran, signed on June 18, was designed to bring about a ceasefire and at least partly reopen the Strait of Hormuz.
According to the 14-point agreement, Iran would never have a nuclear weapon. It noted that the US, Iran and their allies would end military operations on "all fronts".
It also reportedly called for the release of frozen Iranian assets estimated to be worth at least $12 billion, as well as the lifting of sanctions on Iranian oil and an end to the US naval blockade of Iran.
But it fell apart a short time later when both sides resumed strikes.
Iran has attacked vessels it says have attempted to cross the Strait of Hormuz without authorisation.
Meanwhile, the US has attacked Iranian sites in the strait, as well as Iranian tankers off the country's coast. It has also maintained a blockade of Iranian ports, causing huge disruption to the Iranian economy.
On the other hand, Yemen's Houthis, allied to Iran, have recently intensified attacks aimed at disrupting oil exports from Saudi Arabia via the Red Sea on the other side of the Arabian Peninsula.
The group seized large strategically important stretches of the Red Sea coast in a rapid offensive this month, including the port of Mokha, which overlooks the Bab al-Mandab Strait.
