Oil Prices Rise as Trump Rejects Latest Iranian Proposal
Iranian Foreign Minister Abbas Araghchi said Tehran was 'ready for real diplomacy' to end the conflict in the Persian Gulf.
Oil prices experienced an increase on the morning of September 28th following U.S. President Donald Trump’s rejection of a proposal from Iran. The proposal involved reopening the Strait of Hormuz in exchange for resuming nuclear negotiations. Brent crude futures and US West Texas Intermediate crude both saw price hikes, with analysts suggesting this was a reaction to recent political developments.
- Oil prices rose on the morning of September 28th.
- U.S. President Donald Trump rejected a seven-day plan from Iran.
- The Iranian plan aimed to reopen the Strait of Hormuz in exchange for resuming nuclear talks.
- Trump expects talks with Iran to resume this week.
- Trump did not rule out military strikes before the U.S. midterm elections.
- Brent crude futures rose by $2.60 to $106.92 a barrel.
- US West Texas Intermediate crude rose by $2.08 to $94.49 a barrel.
- An economist attributed the price rise to a “knee-jerk response to the weekend’s political events.”
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