DID Press: Oil prices rose in Asian trading on Monday, Sept. 28, after U.S. President Donald Trump rejected an Iranian proposal to end the conflict and reopen the Strait of Hormuz. Reuters reported that Brent crude futures rose more than 1% on Monday, reaching about $106 per barrel.
According to the report, Brent crude was trading at around $106.14 per barrel, while U.S. West Texas Intermediate crude stood at about $93.55, with both benchmarks gaining more than 1%.
Iran’s proposal called for reopening the Strait of Hormuz within seven days and resuming peace and nuclear talks. Tehran had conveyed the proposal to Washington through mediators, including Qatar.
Trump rejected the proposal on Saturday, saying that he would not accept the deal. The Wall Street Journal, citing U.S. officials, also reported that Trump had told aides he expected U.S. bombing of Iran to resume after the November midterm elections.
The rise in oil prices comes as disruptions to shipping through the Strait of Hormuz continue to raise concerns about global energy supplies. The waterway is a major route for international oil shipments, making prolonged disruption a significant factor in energy markets.