Iran Rejects Implementing 14-Point Deal; 10-Day Ceasefire Proposal Would Lift Strait of Hormuz Restrictions

Mediators on Monday, July 20, 2026, presented Iran with a proposal for a 10-day ceasefire to lower tensions with the United States and return to talks on last month's interim deal. According to Reuters, citing a senior Iranian official, the plan would also include lifting restrictions on the Strait of Hormuz.

However, Iranian foreign ministry spokesman Esmaeil Baghaei said Tehran would not implement the 14-point agreement after what he called Washington's violation of it. The White House stopped short of committing to a halt in strikes, with a US official saying Donald Trump is focused on making Iran pay for its breaches of the memorandum and its actions in the Strait of Hormuz, while adding that diplomacy remains open.

The developments came as US strikes on Iran continued for a ninth consecutive night. The fate of the proposal matters directly to Iranian markets, since a prolonged war keeps a high risk premium on oil, gold and the currency.