Oil Rebounds Over 1% Amid Escalating Middle East Tensions

Commodity markets experienced mixed trading on September 28, with oil prices rebounding over 1% due to escalating tensions in the Middle East. US President Donald Trump rejected a peace deal from Iran, preventing the resolution of their conflict and keeping energy costs elevated.

Brent crude futures rose $1.32, or 1.27%, to $105.64 a barrel, while US West Texas Intermediate crude was at $93.11 a barrel, up 70 cents, or 0.76%. The Strait of Hormuz remains a key concern for global oil supply.

Gold prices dropped further following their weekly decline, as the impasse over the Strait of Hormuz maintained pressure on the Federal Reserve to raise interest rates to combat sticky inflation.