President Donald Trump rejected Iran’s conditions for reopening the Strait of Hormuz, including $300 billion in US compensation and the release of $100 billion in frozen assets, Yonhap reported, citing US officials. Tehran also demanded the lifting of all US sanctions, an end to the naval blockade, US troop withdrawal from the region and a regional ceasefire covering Lebanon and Gaza.

The rejection followed indirect talks Tuesday on the sidelines of the UN General Assembly in New York. Qatari mediators shuttled between US envoys Steve Witkoff and Jared Kushner and Iranian Foreign Minister Abbas Araghchi in separate rooms. Earlier Wednesday, a senior Iranian official told Reuters that Tehran was reviewing Washington’s response and that diplomacy continued despite many differences. Secretary of State Marco Rubio said a deal would take time and that Trump also had military options.

Iran’s Supreme National Security Council Secretary Mohsen Rezaei told state television Wednesday that Washington had been given four to five days to meet Tehran’s conditions. “Until Iran’s conditions are accepted, there will be no negotiations and the Strait of Hormuz will not be reopened,” he said. Oil rose earlier Wednesday after his remarks, with Brent gaining 2.3% to $101.49 a barrel and West Texas Intermediate advancing 1.7% to $92.09.