Trump Rejects Iran Peace Plan, Oil Prices Surge Amid Middle East Tensions
Oil prices rose by more than 1% amid escalating tensions in the Middle East after US President Donald Trump rejected Iran's peace proposal. The proposal, intended to resolve the conflict and restore traffic through the Strait of Hormuz, was delivered to the US through Qatari mediators.
The rejection came as geopolitical risks remain high, with the Houthis and Iran continuing attacks on Saudi Arabia, leaving regional oil supplies vulnerable. Analysts at ANZ believe that these risks will continue to affect the market.
Brent crude futures rose by $1.32 or 1.27% to $105.64 a barrel, while US West Texas Intermediate (WTI) crude was up 70 cents or 0.76% at $93.11 a barrel as of 00:36 GMT on September 28.
ANZ analysts point out that the Houthis and Iran's attacks have left regional oil supplies vulnerable, and Brent and WTI are moving in different directions due to policy fears and supply disruptions.