Trump rejects Iran deal to reopen Strait of Hormuz in seven days

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.