Iran's offer lands on Trump's desk: reopen Hormuz in exchange for $8 billion in frozen cash, but still no nuclear talks

Qatar's prime minister is bringing President Trump an Iranian offer to reopen the Strait of Hormuz when they meet at the White House today, Israel Hayom reports, citing two diplomatic sources.

Under the proposal, approved by Tehran, the U.S. would lift its naval and economic blockade of Iran and $8 billion in Iranian money held in Qatar would be unfrozen. In return, Iran would stop attacking ships and oil tankers belonging to Gulf states. Iran has apparently dropped its demand to control the strait and charge ships transit fees. But Tehran still refuses to discuss its nuclear program, or even signal it is willing to negotiate on it.

One source said Sheikh Mohammed bin Abdulrahman Al Thani's arrival signals progress, but Trump himself remains skeptical. Envoy Steve Witkoff and Jared Kushner, along with Vice President JD Vance, are working on the talks.

Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, Secretary of State Marco Rubio and Secretary of War Pete Hegseth all oppose a deal like the one reached in May, which collapsed after Iran attacked tankers in the strait, the sources said. One official warned a deal now "would save the regime in Iran at the last minute."

Their case rests on intelligence that Iran's economy is collapsing. Trump was shown figures that Iran sold its last tanker of oil last week, and that the regime has cut Revolutionary Guard salaries, stopped funding its militias in Iraq and reduced fuel supplies to civilians and industry. One participant told the president there was no reason to reward Tehran.

The Oval Office meeting is set for noon ET.