Iran's currency hit a record low as mediators circulated an amended plan for reopening the Strait of Hormuz. President Trump predicted the war would end soon, denied offering Tehran any sanctions relief, and forecast that oil and gasoline prices would fall once the conflict ends.
Iran's rial fell below 2.5 million per U.S. dollar on Tuesday, a record low, as the war, sanctions and a U.S. naval blockade restricted the country's oil exports. The drop came as negotiators worked through changes to Tehran's plan for reopening Hormuz to shipping.
Mediators rework Iran's seven-day Hormuz plan
Foreign Minister Abbas Araghchi presented the original proposal at the United Nations General Assembly in September: hostilities would stop, Iran would reopen the strait within seven days of Washington's acceptance, and the two countries would then begin talks on Tehran's nuclear program. The plan also called for the United States to lift its naval blockade, grant oil sanctions waivers and release at least $12 billion in frozen Iranian assets.
Trump rejected that offer on Sep. 26, but mediators have since circulated an amended approach, with the order of the ceasefire and blockade steps still unresolved.
Speaking in the Oval Office on Monday, according to Reuters: Trump said the U.S. would win the war "very soon". He separately denied reports that Washington had offered sanctions relief or frozen funds in exchange for nuclear concessions, writing on Truth Social that he had offered Iran nothing.
Neither government has announced agreed terms for a ceasefire or for Hormuz passage.
Trump ties oil relief to the war's end
Hormuz matters to U.S. households because disruption to oil shipments there has kept fuel costs in focus. Trump predicted that oil and gasoline prices would fall once the war ends, though that forecast still depends on a deal on the strait, the blockade and further talks.
Oil has already moved with expectations about Hormuz. When Iran signaled on Sep. 22 that the strait could reopen within a week, West Texas Intermediate fell more than 2.5% to around $89 a barrel and Brent slipped below $98. On Sep. 29, Brent traded at $106.77 and U.S. crude at $93.94 as the conflict kept disrupting supply.
Bitcoin holds near $83,000 as yields stay in focus
Trump's remarks produced no clear immediate move in major cryptocurrencies. Bitcoin traded near $83,081, Ethereum around $2,680 and XRP near $1.48, each down more than 1.5%. The snapshot also showed a rise in the U.S. 30-year Treasury yield, though it does not establish that the yield move or Trump's comments alone caused the declines.
Bitcoin spot ETFs had still logged $2.39 billion in net inflows over the five trading days through the preceding Friday, even as the token retreated from levels above $84,000 earlier in the week.
Source: crypto.news
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