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Oil Prices Soar as Trump Rejects Iran's Peace Proposal

Guavy AI Editorial Team
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Oil prices surged by 3% after US President Donald Trump rejected Iran's latest peace proposal, which he called 'cynical.'

The price hike occurred after Asian markets closed on September 28, 2026. When markets reopened in North America, the global market benchmark, North Sea Brent oil, rose 3.1% to $107.51 per barrel.

US Treasury Secretary Scott Bessent stated that Iran will have 'nothing' left to negotiate with in two weeks, as their main source of revenue, oil exports, is dwindling due to US sanctions.

Iranian Foreign Minister Abbas Araghchi warned that the country is prepared to resist any aggression and escalate the conflict if necessary, even going so far as a 'doomsday war.'

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