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Trump Rejects Iran Peace Proposal, Brent Crude Prices Surge

Guavy AI Editorial Team
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Brent crude oil prices surged more than 2% on September 28 after US President Donald Trump rejected an Iranian peace proposal aimed at resolving the conflict and reopening the Strait of Hormuz. The Brent futures price rose $2.60, or 2.49%, to $106.92 a barrel at 0803 GMT.

US West Texas Intermediate (WTI) crude also climbed, rising $2.08, or 2.25%, to $94.49 a barrel. The move came as markets reacted to uncertainty over the conflict and the future of oil shipments through the Strait of Hormuz.

Hamad Hussain, senior climate and commodities economist at Capital Economics, said that oil prices appeared to have jumped after Trump rejected Iran's proposal. Hussain noted that even though higher flows through the Hormuz have reduced some pressure on oil prices, the broader oil market is still facing a supply deficit.

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