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Oil Prices Rise Amid Ongoing Uncertainty Over US-Iran Talks and Strait of Hormuz

Guavy AI Editorial Team
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Brent crude oil prices rose more than 3% on September 28 as uncertainty surrounding US-Iran negotiations and the future of the Strait of Hormuz weighed on the market.

The price increase came after US President Donald Trump rejected an Iranian peace proposal, which had been presented at the United Nations General Assembly last week. The proposal was reportedly transmitted to the US through Qatari mediators, but Trump said he expected US negotiators to hold further talks with Iran this week despite rejecting Tehran's latest proposal.

The Strait of Hormuz remains a major focus for crude oil markets due to its importance in global energy shipments. Iran has previously indicated that it could reopen the waterway if the US eases military pressure and lifts its blockade on Iranian ports.

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