Only a "negotiated solution" can end the conflict between the US and Iran, Tehran's foreign minister has said, after President Donald Trump publicly rejected a proposal to reopen the Strait of Hormuz.

Trump told reporters at the White House that Iran's proposal was not "acceptable" and that Tehran wanted to make a deal to open the strait to commercial shipping within seven days because "they're losing so badly".

In a post on Telegram, Iranian Foreign Minister Abbas Araghchi acknowledged Trump's rejection, but said Iran would wait for a "definitive" official US response.

He said the president had made contradictory statements in the past.

Araghchi said the conditions to open the strait were the same that had been included in a memorandum of understanding (MOU) between the US and Iran that was signed in June.

Iran said it had raised reopening the strait and ending hostilities during negotiations on the sidelines of the UN General Assembly in New York this past week.

The vital waterway through which around a fifth of the world's gas and oil supply usually flows has been effectively closed since the outbreak of war in February.

"I'm rejecting their deal," Trump said on Saturday, adding that the US already had "total control" of the strait, with "massive amounts of oil" passing through it, causing massive rises in global oil prices and steep fuel cost increases for consumers.