A still image from handout video released on September 15, 2026, said to show a damaged Panamanian-flagged oil tanker "El Gaia" following an incident in Strait of Hormuz. Iran's Revolutionary Guard said the tanker was hit by sea mines as it passed through a prohibited zone south of the Strait of Hormuz, a claim the U.S. military disputed, saying the vessel was struck by an Iranian missile "last month and rendered inoperable." IRIB/Handout via REUTERS.
By Courtney Subramanian
Sep 26, 2026 (Bloomberg) –President Donald Trump said Saturday he rejected a deal from Iran to reopen the Strait of Hormuz as Saudi Arabia’s capital came under attack from Yemen’s Houthis over the weekend.
“They made a proposal but I rejected it,” Trump said as he departed the White House on Saturday. “They want to make a deal where they open the strait immediately because they’re losing so badly.”
Trump added that the US naval blockade in Hormuz is putting increasing economic pressure on Iran.
US and Iranian negotiators had been exploring a deal that would see Tehran reopen the Strait of Hormuz and Washington lift its blockade of Iranian ports, a person familiar with the matter said. The pact would have been similar to the memorandum of understanding the two countries reached in mid-June, which led to a fragile ceasefire that collapsed weeks later.
On Saturday, Saudi-backed coalition forces in Yemen said air defenses intercepted two drones launched by the Houthis toward Riyadh, as well as a ballistic missile targeting the southern border area of Khamis Mushait. The country’s civil defense said alerts of potential danger were also issued in Abha and Jazan overnight.
Air raid alerts were issued for Riyadh’s residents a week ago in the first such instance since the height of hostilities during March and April. Air defenses intercepted missiles headed toward the Saudi capital.
Earlier, the Wall Street Journal reported that Trump expects to resume the US bombing campaign against Iran after US midterm elections in early November and is skeptical about Iran’s willingness to meet his demands.
Trump declined to answer a question about whether he would resume bombing after the midterms.
Iranian President Masoud Pezeshkian, speaking at the United Nations General Assembly in New York on Wednesday, said his country wouldn’t allow freedom of navigation through the Strait of Hormuz while sanctions and a US blockade remain in place. The Islamic Republic wouldn’t give up the right to develop nuclear technology for economic purposes either, he added.
© 2026 Bloomberg L.P.
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