Commodities

Trump Rejects Iranian Peace Deal, Oil Prices Spike 2%

Guavy AI Editorial Team Published September 28, 2026

Instruments

Oil

Oil prices surged about 2% on Monday after US President Donald Trump rejected an Iranian proposal to resolve their conflict and reopen the Strait of Hormuz.

The Brent futures price rose $2.28, or 2.2%, to $106.60 a barrel at 10:27 a.m. EDT (1427 GMT), while US West Texas Intermediate (WTI) crude increased by $1.70, or 1.8%, to $94.11.

This puts Brent on track for its highest close since September 15.

Iran had insisted over the weekend that only diplomacy can solve its conflict with the US and Israel, after Trump said he rejected an Iranian proposal to reopen the Strait of Hormuz and end fighting.

The Wire

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