Oil Prices Jump Over 3% After Trump Rejects Iran's Plan to Reopen the Strait of Hormuz
Brent crude approached $108 a barrel after the US president rejected Tehran's proposal to reopen the strategic waterway in exchange for unfreezing assets and lifting sanctions.
Oil prices surged more than 3% on Monday after US President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz within seven days. Brent crude for November futures climbed to nearly $108 a barrel during Asian trading before settling around $107.35.
Iran presented its plan at the UN General Assembly last Friday, offering to reopen the critical waterway and return to nuclear negotiations in exchange for the release of frozen Iranian assets, the lifting of sanctions, and an end to the US naval blockade in the region.
Before the US-Israel military campaign began in late February, roughly one-fifth of global oil supplies transited through the Strait of Hormuz. Since the conflict began, commercial shipping through the region has dropped sharply amid attacks on vessels in the Gulf — the latest data shows 132 transits between September 21-27, compared with a pre-war average of around 130 crossings per day.
MKNews Hub · Macedonia · September 29, 2026
