Commodities
Iran Holds Firm on Strait of Hormuz Demands Amid Rising Oil Prices
Oil prices rose on September 27, 2026, as Iran stuck to its proposal for reopening the Strait of Hormuz. The seven-day plan was rejected by US President Donald Trump, who believes that Tehran has overplayed its hand.
The US president told Axios in an interview on Sunday that Washington might have agreed to similar conditions about a year ago. He also expressed his expectation that negotiations would resume this week.
Brent crude oil price advanced above $106 a barrel, while West Texas Intermediate headed toward $94. The development has significant implications for global markets, particularly those reliant on the waterway's reopening.