Oil prices rise as Trump rejects Iran peace deal, delaying Hormuz talks
Oil prices rose on Monday, September 28, after US President Donald Trump rejected a proposed peace deal with Iran, delaying negotiations over a ceasefire and the reopening of the Strait of Hormuz. Brent futures increased by 1.27% to $105.64 per barrel, while West Texas Intermediate rose 0.76% to $93.11. Iran announced the peace proposal last week at the UN General Assembly, saying it was relayed through Qatari mediators. Trump confirmed his rejection on Saturday but told Axios he expects more talks this week. Analysts at ANZ noted heightened geopolitical risks as Houthi and Iranian attacks on Saudi Arabia continue, with the Saudi-led coalition intercepting two ballistic missiles and two drones on Saturday. Middle East crude exports recovered in September to 12.8 million barrels per day, the highest since the war began in February, according to Kpler data. Meanwhile, record US diesel prices have sparked debate over potential export restrictions, which could reduce supplies to Europe and affect global fuel markets.