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

He said on Saturday nthat Tehran “want to make a deal where they open the Strait immediately because they’re losing so badly”.

“I’m rejecting their deal,” Mr Trump told reporters at the White House, 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.

Iran’s Foreign Minister Abbas Araghchi told reporters at the UN in New York on Friday that agreement could be reached “if the necessary conditions are met” and that these were contained in a memorandum of understanding signed by the two countries in June.

Meanwhile, Russia’s Foreign Minister Sergei Lavrov told world leaders at the UN General Assembly that Moscow will achieve its military aims in Ukraine “no matter” the circumstances.

“The aims of the special military operation will be achieved, the threat to Russian security will be eliminated and peaceful life will come back. This will happen no matter the circumstances,” he said at the UN on Saturday, using Moscow’s shorthand phrase for the conflict.

He went on to accused European countries of “doing everything” to thwart talks to help end the conflict between Moscow and Kyiv.

“Europe is doing everything it can to thwart peace talks in which the (Donald) Trump administration is interested,” he said, referring to the US government.

However, he claimed Moscow is ready to help stabilise the situation in the Strait of Hormuz and the wider Gulf region, as the US-Iran conflict drags on.

“We need trust in the relationships between The Gulf states, the Arab states, and Iran. We need stable regional architecture,” Mr Lavrov said.

“Russia, together with other responsible states, stands ready to constructively contribute to stabilising this strategically important region.”

Read below for updates.

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