Commodities
Oil Prices Soar Amid Tensions Over Critical Middle Eastern Waterway
Oil prices surged on September 27, 2026, due to tensions over the Hormuz Strait. The critical waterway accounts for about 20% of global crude and LNG shipments.
Iran's proposal for a seven-day reopening plan was previously rejected by former U.S. President Donald Trump, who suggested it might have been acceptable a year ago.
Brent crude rose to approximately $106 per barrel, while WTI crude remained above $93. The market is reacting to mixed signals regarding negotiations and the restoration of Middle Eastern oil supplies.