Oil rebounds after Trump rejects Iran peace deal
Brent crude oil prices rose over 2% after President Trump rejected a peace proposal from Iran regarding the Strait of Hormuz. Despite the price hike, the market remains in a deficit as global supply chains face ongoing geopolitical instability.
Why it matters
Fluctuations in oil prices due to geopolitical tensions in the Middle East have immediate impacts on global inflation and energy costs.
LONDON, Sept 28 (Reuters) - Brent crude oil rebounded more than 2% on Monday after US President Donald Trump rejected a peace deal from Iran to resolve their conflict and reopen the Strait of Hormuz.
Brent futures rose $2.60, or 2.49%, to $106.92 a barrel at 0803 GMT, while US West Texas Intermediate crude was at $94.49 a barrel, up $2.08 or 2.25%.
"Oil prices appeared to have jumped on the back of President Trump rejecting Iran’s peace proposal," said Hamad Hussain," senior climate and commodities economist at Capital Economics.
Iran announced a peace proposal last week at the UN General Assembly in New York, saying it had been transmitted to the Americans via Qatari mediators. Trump said on Saturday he rejected the plan, but told Axios in a phone interview on Sunday that he expected US negotiators to engage in more talks this week.
Also covering this story
19 other newsrooms covered this event. We read each version separately.
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