Iran Sticks with Original Proposal, Oil Prices Surge

Oil prices surged on September 28th as tensions between Iran and the US remained high. The price of Brent crude climbed over 3% to near $108 a barrel, with no clear resolution in sight for the reopening of the Strait of Hormuz.

The standoff began when Iran announced it would stick to its original proposal for the strait's reopening, which was rejected by President Donald Trump last year. In an interview, Trump stated that Iran has overplayed its hand and that conditions it wants are something Washington might have agreed to about a year ago.

Despite this, Trump expects negotiations to resume this week. The US and Iran appear far apart on the issue, with no clear indication of when or if the Strait of Hormuz will reopen.