Commodities

Oil Prices Soar as US-Iran Talks Stall

Guavy AI Editorial Team Published September 28, 2026

Instruments

Oil

Global oil prices surged on Monday, September 28, 2026, after US-Iran peace talks stalled. The price of Brent crude rose 1.27 percent to $105.64 per barrel, while WTI crude increased by 0.76 percent to $93.11 per barrel.

The optimism that negotiations would lead to a resolution and the reopening of the Strait of Hormuz faded after US President Donald Trump rejected an Iranian proposal for a ceasefire and the reopening of the waterway.

Tehran has continued to push for diplomacy, with Foreign Minister Abbas Araqchi emphasizing that the reopening of the Strait remains dependent on meeting certain conditions set by Iran.

The uncertainty surrounding the outcome of talks has led market participants to factor in geopolitical risks, causing oil prices to rise.

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