Trump rejects Iran's proposal to reopen Strait of Hormuz within a week

US President Donald Trump has rejected an Iranian proposal to reopen the Strait of Hormuz to commercial shipping within a week.

He told reporters at the White House that Tehran "want to make a deal where they open the Strait immediately because they're losing so badly".

On Friday, Iran's Foreign Minister Abbas Araghchi told reporters at the UN in New York that agreement could be reached "if the necessary conditions are met" and that these were contained in a memorandum of understanding (MOU) signed by the two countries in June.

The vital waterway through which around a fifth of the world's gas and oil supply usually flows has been effectively closed since the outbreak of war in February.

"I'm rejecting their deal," Trump said on Saturday, adding that the US already had "total control" of the strait, with "massive amounts of oil" passing through it.

"They want to make a deal, and I think that's fine. I like making a deal, too. But that deal would not be acceptable," he added.

On Friday the Wall Street Journal, external cited officials as saying Trump was sceptical that Iran would meet his demands and had told his staff that he saw a renewed bombing campaign as probable.

Iran responded to US and Israeli air strikes, beginning in late February, by attacking Israel and US bases in the Gulf and Arab Gulf allies of the US - as well as blocking the Strait of Hormuz. Its closure has caused wild fluctuations of energy prices.

The economic effects have also increased pressure on Trump to find a way of ending the conflict - particularly as the US heads towards Congressional elections in November.

"If the necessary conditions are met, the strait can be reopened, a normal maritime passage restored within seven days," Araghchi told reporters on Friday.

He did not specify what steps Iran wanted the US to take but added that "the actions that the United States should take are not new. They are all already in the MOU".

"I can tell you if there is seriousness in the US side to come to a deal and reopen the Strait of Hormuz, everything is now prepared," he added. "The choice now rests with the United States."

Iranian President Masoud Pezeshkian, meanwhile, told CBS News, the BBC's US partner: "We had previously reached an agreement based on the MOU that was signed in Pakistan... if the United States agrees to proceed in that way, everything will return to the way it was before."

He also said Iran would now allow UN nuclear inspectors into the country.