Tankers carrying Iraqi oil arrive at the coastal storage facilities at the Baniyas oil terminal in Tartus province, Syria, September 13, 2026.
Hasan Belal | Anadolu | Getty Images
Oil prices jumped Monday in Asia after U.S. President Donald Trump rejected an Iranian peace proposal aimed at ending the Middle East conflict and reopening the Strait of Hormuz.
U.S. crude futures for November delivery rose 1.69% to $94.10 a barrel, while international benchmark Brent gained 2.65% to $106.96 a barrel.
Trump rejected Iran’s conditional offer to reopen the Strait of Hormuz and told aides that he expects U.S. strikes on the country to resume after the November midterm elections, the Wall Street Journal reported Saturday, citing unnamed U.S. officials.
Trump then confirmed to reporters that he had rejected Tehran’s latest proposal: “They made a proposal but I rejected it.”
Separately, the Saudi-led coalition in Yemen said Saturday it had intercepted projectiles launched by Iran-backed Houthi rebels.
Iranian Foreign Minister Abbas Araghchi offered Friday to reopen the main sea route and resume nuclear negotiations with Washington within seven days, if the Trump administration accepts Tehran’s conditions.
“If certain conditions are met, the Strait of Hormuz will be opened after seven days and negotiations will resume,” Araghchi told reporters on the sidelines of the United Nations General Assembly in New York.
These conditions include an end to what Tehran describes as US “acts of aggression,” the lifting of the naval blockade and economic warfare, and the release of Iranian assets, according to Iranian Foreign Ministry spokesperson Esmaeil Baghaei.
Trump said earlier this month that he expected the conflict, which began with U.S. and Israeli airstrikes on Iran on Feb. 28, to end soon after the midterm elections, with a drop in oil prices.
— CNBC’s Azhar Sukri contributed to this report
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