Trump's Rejection Sends Oil Prices Soaring Past $106
Global oil prices surged to over $106 per barrel after U.S. President Donald Trump rejected an Iranian proposal aimed at ending military hostilities and reopening the Strait of Hormuz.
The rejection drove up Brent crude futures by more than 1%, while U.S. West Texas Intermediate (WTI) crude also climbed by over 1% in market reports published on Monday, September 28.
Investors are closely monitoring diplomatic developments between Tehran and Washington, alongside the operational status of the Strait of Hormuz, according to Reuters.
The rising energy costs have exerted pressure on international stock and currency markets, with higher equities impacted by heightened energy prices. The U.S. dollar also remained near its highest level in two months.