Oil prices rise after Trump rejects Iranian plan to reopen Strait of Hormuz | Oil and gas news
Brent crude rose more than 3 percent to $107 a barrel as Washington rejects Tehran’s proposal to end the war.
Published on September 28, 2026
Oil prices rose sharply after US President Donald Trump rejected Iran’s proposal to reopen the Strait of Hormuz within seven days.
Brent crude, the international benchmark, rose more than 3 percent on Monday, approaching $108 a barrel in Asian trading.
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After easing in the afternoon, Brent crude futures for November were trading at $107.35 a barrel shortly before 0800 GMT.
Major stock markets in the Asia-Pacific region had a mixed session after Wall Street ended the week on a high Friday with a 0.5% gain for the benchmark S&P 500 index.
Japan’s and South Korea’s benchmark Nikkei 225 and Kospi indices fell 0.73 percent and 2.70 percent, respectively.
Hong Kong’s Hang Seng Index rose 0.54 percent, while Australia’s S&P/ASX 200 edged up 0.17 percent.
The latest market volatility comes after Trump said on Saturday that Tehran’s latest proposal to end the US-Israeli war against Iran was not acceptable.
Under Tehran’s proposal announced Friday at the United Nations General Assembly, the United States would release frozen Iranian funds, lift sanctions and end its naval blockade on Iranian ports in exchange for Iran reopening the strait and returning to negotiations over its nuclear program within a week.
Before the United States and Israel launched strikes against Iran in late February, about a fifth of the world’s oil reserves passed through the Strait of Hormuz, which connects the Gulf to the Gulf of Oman and the Arabian Sea.
Commercial shipping on the waterway has declined significantly since the start of the war, due to a series of attacks on ships in the Gulf, most of which have been blamed on Iran or allied groups.
Ships made 132 transits through the strait from September 21 to 27, compared to 116 the previous week, according to maritime intelligence platform MarineTraffic.
Before the start of the war, the waterway was crossed around 130 times a day.
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