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Commodities

Trump Rejects Iran Proposal, Oil Prices Surge Amid Hormuz Tensions

Guavy AI Editorial Team
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Oil
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Oil prices surged on September 28 as tensions escalated over the Strait of Hormuz after Iran refused to soften its conditions for reopening the waterway and US President Donald Trump rejected Tehran's proposal.

The rejection ended hopes of a quick return to normal shipping through the vital trade route, with Brent crude rising to around $106 a barrel and settling near $105.9.

West Texas Intermediate (WTI) moved above $93, while the more-active December Brent contract gained 1.1% to $98.51.

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