Forex

Trump Rejects Iran's Hormuz Proposal, Oil Prices Soar

Guavy AI Editorial Team Published September 29, 2026

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US-Iran tensions remain a key driver of global markets, as President Trump rejected Iran's proposal to guarantee safe passage through the Strait of Hormuz.

The rejection led to an increase in oil risk premium, pushing West Texas Intermediate (WTI) prices above $92 and keeping Brent firm.

Higher yields and a strengthening US dollar also put pressure on gold and silver, with gold falling below $4,200 and silver approaching $62.

The Wire

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