President Donald Trump said he has rejected Iran’s latest proposal to reopen the Strait of Hormuz, arguing that Tehran is seeking a deal because of mounting economic pressure. He later told Fox News that he believes the United States will “win the war very soon.”

“I’m rejecting their deal,” Trump told reporters Saturday. “They want to make a deal where they open the strait immediately because they’re losing so badly.”

Trump said the United States has “total control” of the Strait of Hormuz and claimed large amounts of oil are continuing to move through the strategic waterway.

“We’re winning tremendously,” Trump said. “We have total control of the Hormuz Strait, massive amounts of oil are coming out of the Hormuz Strait. Last night we had 29 ships come out.”

Iran’s proposal called for a seven-day ceasefire and the reopening of the Strait of Hormuz. In return, Tehran sought an end to the U.S. naval blockade, the release of some frozen Iranian assets and relief from sanctions on Iranian oil exports. Iran also offered to resume negotiations over its nuclear program.

Trump said those terms were unacceptable, while maintaining that he remains open to reaching a different agreement.

“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,” Trump said.

He argued that Iran had hurt its own economy by attempting to close the Strait of Hormuz and said the U.S. blockade had cut Tehran off from revenue.

“They said, ‘let’s close it and cause a problem for the world.’ And then I came along and we put up the greatest blockade ever in military history,” Trump said.

The Wall Street Journal previously reported that Trump had rejected the seven-day proposal and told aides that he expected U.S. bombing of Iran to resume after the November midterm elections. Officials cautioned that the scope of any future strikes remained undecided and that Trump’s position could change as negotiations continued. 

The United States and Iran have continued indirect negotiations through regional mediators despite the rejection of the proposal. Tehran has said reopening the strait depends on Washington meeting its conditions, including lifting the blockade and easing economic restrictions. 

Trump offered a more immediate assessment of the conflict during a Fox News interview over the weekend.

“I think what’s going to happen is we’re going to win this war very soon,” Trump said. He predicted oil prices would fall sharply once the conflict ends and said preventing Iran from obtaining a nuclear weapon remains the central U.S. objective.

Asked whether the United States would prevail through economic pressure or military strikes, Trump answered, “I think both.”

“We’ve already won it really from a military standpoint, but that doesn’t mean we’ve stopped that,” he added.

Trump also declined to rule out additional strikes before the midterm elections, despite earlier reports that he expected renewed bombing after the vote.

“I don’t want to say that,” Trump said when asked whether pre-election strikes remained possible. “I mean, it’s possible, but I just don’t want to say that.”