TLDR
- Trump said the war with Iran will end “very soon” after officials spoke with mediators.
- Iran proposed reopening the Strait of Hormuz within seven days if the US accepts its terms.
- Trump denied offering Iran sanctions relief or access to frozen funds.
- The Iranian rial fell to a record low against the US dollar.
- Bitcoin traded near $83,000 as US Treasury yields stayed high.
President Donald Trump said the war between the United States and Iran will end soon. He made the comment after US officials spoke with mediators working on a deal.
BREAKING: US-Iran talks have failed to make progress, with Trump now inclined to order a return to major combat operations after the November midterms, US officials tell Axios.
Trump said just six hours ago that the war will be over "very, very soon."
Iran's SNSC chief Rezaei…
— The Hormuz Letter (@HormuzLetter) September 30, 2026
Trump spoke to reporters in the Oval Office on Monday. He said “we’re going to win” and predicted the outcome would come quickly.
His comments did not include a ceasefire announcement. No agreement with Tehran has been confirmed by either government.
Iran’s proposal remains the basis for the talks. Foreign Minister Abbas Araghchi said Tehran sent a plan that could reopen the Strait of Hormuz within seven days.
Hormuz Talks Focus on Timing of Steps
Araghchi presented the plan during the United Nations General Assembly in September. Under the terms, fighting would stop before Iran reopened the strait.
The two countries would then begin talks on Iran’s nuclear program. Iran also asked the US to lift its naval blockade and ease sanctions on oil exports.
The plan called for releasing at least $12 billion in frozen Iranian assets. Trump rejected the offer on September 26.
Mediators have since shared a revised approach. The Financial Times reported that talks now focus on when Iran would reopen Hormuz and when the US would ease its blockade.
Trump denied giving Iran anything in exchange for nuclear concessions. He wrote on Truth Social, “I offered them NOTHING.”
His denial focused on what the US had offered. It did not take back his earlier statement that officials had spoken with mediators.
The current proposal builds on a June agreement that collapsed. That earlier deal let commercial ships use the waterway during talks, but it broke down over disputes about shipping routes.
Iran’s Economy Faces Growing Pressure
Iran has continued to link any deal to changes in US sanctions and military actions. Araghchi said Tehran wants a diplomatic resolution.
Ebrahim Azizi, who leads a parliamentary security panel, questioned Trump’s version of how the war will end. Neither government has confirmed agreed terms.
The Iranian rial fell below 2.5 million per US dollar on Tuesday. That marked a record low as sanctions and the naval blockade limited oil exports.
Trump said gas prices would fall once the war ends. That outcome depends on a deal that has not yet been reached.
Bitcoin traded near $83,081 after Trump’s comments. Ethereum was near $2,680 and XRP was near $1.48, with each down more than 1.5%.
The US 30-year Treasury yield rose during the same period. The 10-year yield had reached 5.20% on September 25, with the 30-year closing at 5.47%.
US spot Bitcoin exchange traded funds saw $2.39 billion in net inflows over five trading days through the prior Friday. Bitcoin had fallen below $84,000 after Trump rejected Iran’s initial offer.
Oil prices have shifted with expectations about Hormuz. Brent crude was at $106.77 and US crude at $93.94 on September 29, according to Reuters.
Oil shipments through the Strait of Hormuz have climbed closer to pre-war levels. Kpler data showed average flows of about 13.2 million barrels per day over the past week despite continued attacks.
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