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Commodities

Trump Rejects Iran's Proposal, Sending Oil Prices Soaring

Guavy AI Editorial Team
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Oil
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Oil prices surged by more than 2% on September 28 after US President Donald Trump rejected an Iranian proposal to end the war and reopen the Strait of Hormuz. Trump stated that he had turned down the proposal made last week, indicating that US negotiators will hold further talks this week.

The move comes as refined petroleum products remain a point of pressure, with diesel prices in the US hitting record levels, increasing inflation risks and reigniting debate over possible restrictions on fuel exports, according to Reuters.

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