Trump Rejects Iranian Peace Proposal as Oil Prices Climb
Oil prices rose by over one percent after US President Donald Trump rejected a peace deal proposed by Iran to resolve their conflict and reopen the Strait of Hormuz. According to Reuters, Brent crude futures increased by $1.82, or 1.74pc, to $106.14 a barrel by 2202 GMT while US West Texas Intermediate crude was at $93.55 a barrel, up $1.14, or 1.23pc.
The rebound in oil prices comes as crude oil exports from key Middle East producers recovered in September to 12.8 million barrels per day, the highest since February when the US-Israeli war with Iran started. Saudi Arabia and the United Arab Emirates boosted exports, according to data from Kpler.
Trump expects new Iran talks after dismissing a truce proposal put forward by Tehran. The Iranian plan called for a seven-day ceasefire followed by the reopening of the Strait of Hormuz shipping channel. Trump told Axios that he expects negotiations to resume, stating 'They want to make a deal, but it is not the deal that I want to make.'