Trump May 'Walk Away' From Iran War Without Nuclear Deal if Hormuz Reopens: WSJ

President Trump has privately told senior aides he is willing to walk away from the Iran war without a nuclear deal if Tehran fully reopens the Strait of Hormuz, according to a Wall Street Journal report. Trump had privately floated the option to senior aides after weeks of preparing to declare victory if Iran restored free passage through the strategic waterway.

What the WSJ report actually says

A White House official told WSJ that the U.S. has completed all of its military objectives against Iran, and the president is now focused on securing the flow of energy through the Strait of Hormuz while keeping military options on the table should Iran further target ships.

If the U.S. can keep Iran’s nuclear program in check and traffic resumes in the strait, Trump would be more likely to extend the ceasefire indefinitely, and the president has told aides Tehran is likely unable to revive its nuclear work after Operation Midnight Hammer damaged Iran’s nuclear infrastructure in June 2025.

Iran just raised the price

That path became more difficult on Saturday when Iran demanded billions of dollars in U.S. payments, the withdrawal of American troops from the region and an end to the U.S. naval blockade, marking Iran’s highest price yet for allowing traffic to flow freely through the strait.

Iran says the Strait of Hormuz will not reopen until the United States meets its conditions, and Mohammad-Bagher Zolghadr, secretary of Iran’s Supreme National Security Council, said the waterway would remain closed until Washington corrects its behavior.

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Why the strait matters for markets

The Strait of Hormuz is one of the main chokepoints in the energy market, with 20% of global oil exports passing through it. Iran’s ability to choke off the waterway through sporadic missile and drone attacks has proven to be powerful leverage, stalling commercial traffic and roiling global oil markets.

The domestic pressure point

WSJ reported that Trump is prepared to wait through the latest negotiating difficulties as long as gasoline prices remain manageable, with the U.S. national average at $4.02 a gallon on Saturday versus $3.16 a year earlier, and midterm elections less than three months away.

Trump has declared repeatedly in recent weeks that the Strait of Hormuz was already fully open, but each of those promises has proven premature, and with gas prices still much higher than before the war he has been looking for ways to tell the American public that the war is won.

Options market and stocks to watch

Traders should watch how flow reacts across energy, defense, and shipping names as the diplomatic track wobbles:

• USO: Watch the oil ETF for directional bets tied to any real Hormuz reopening or renewed disruption.
• XOM and CVX: Integrated majors that swing with crude and Middle East risk premium.
• LMT and RTX: Defense primes where flow tends to fade if a ceasefire gets extended and firms up if military options are reactivated.
• FRO: Tanker names have been sensitive to shipping-lane risk headlines throughout the conflict.

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