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Brent Crude Surges 3% Amid Ongoing US-Iran Tensions

Guavy AI Editorial Team
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The price of Brent crude oil surged more than 3% on Monday, September 28, as uncertainty surrounding US-Iran negotiations and the future of the Strait of Hormuz weighed heavily on the market.

Brent crude futures rose $3.43, or 3.29%, to $107.75 a barrel, while US West Texas Intermediate (WTI) crude gained $2.14, or 2.32%, to $94.55 a barrel at 0540 GMT.

The increase in oil prices follows renewed uncertainty over US-Iran diplomatic efforts, with Iran presenting a peace proposal at the United Nations General Assembly last week and President Donald Trump rejecting it while indicating further talks may occur this week.

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