Trump Rejects Iranian Peace Proposal, Oil Prices Rebound Above $105

Oil prices have rebounded to above $105 per barrel after US President Donald Trump rejected a peace proposal from Iran to resolve their military conflict and reopen the Strait of Hormuz. The proposed roadmap was announced by Iran last week, but Trump stated he would not accept it, leaving room for further negotiations.

The rejection led to an increase in oil prices, with Brent crude futures climbing to $105.64 a barrel and US West Texas Intermediate (WTI) crude rising to $93.11 a barrel. The Saudi-led coalition in Yemen also intercepted two ballistic missiles and two drones launched by the Houthis towards the kingdom.

Despite the rejection of Iran's proposal, there is still hope for future talks between the two nations. Trump told Axios that he expects American negotiators to conduct additional talks this week. Meanwhile, crude oil exports from key Middle Eastern producers have rebounded in September, reaching 12.8 million barrels per day.