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Trump Rejects Iranian Proposal, Crude Oil Prices Soar

Guavy AI Editorial Team
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Oil
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Crude oil prices rose sharply on Monday, September 28, 2026, after US President Donald Trump rejected an Iranian proposal to end the conflict and reopen the Strait of Hormuz.

Brent crude increased by about 2.5% to around $106.92 per barrel, while US West Texas Intermediate (WTI) crude gained 2.3% to $94.49 per barrel.

The rally was triggered by the breakdown in efforts to end the conflict between the US and Iran.

Analysts say the global oil market remains in deficit, with demand outpacing available supply, which continues to put upward pressure on prices even as flows gradually normalize.

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