Brent crude rises more than ۳ percent to top $۱۰۷ a barrel as Washington dismisses Tehran’s proposal to end war.
Published On ۲۸ Sep ۲۰۲۶
Oil prices have risen sharply following United States President Donald Trump’s rejection of an Iranian proposal to reopen the Strait of Hormuz within seven days.
Brent crude, the international benchmark, rose more than ۳ percent on Monday, nearing $۱۰۸ a barrel during trading in Asia.
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After easing in the afternoon, Brent futures for November were trading at $۱۰۷.۳۵ a barrel shortly before ۰۸:۰۰ GMT.
Major stock markets in the Asia Pacific had a mixed session after Wall Street ended the week on a high on Friday with a ۰.۵ percent gain for the benchmark S&P ۵۰۰.
Japan and South Korea’s benchmark Nikkei ۲۲۵ and Kospi indexes fell ۰.۷۳ percent and ۲.۷۰ percent, respectively.
Hong Kong’s Hang Seng Index rose ۰.۵۴ percent, while the S&P/ASX ۲۰۰ in Australia edged up ۰.۱۷ percent.
The latest market volatility comes after Trump said on Saturday Tehran’s latest proposal for ending the US-Israel war on Iran was not acceptable.
Under Tehran’s proposal announced at the United Nations General Assembly on Friday, the US would release frozen Iranian funds, lift sanctions and end its naval blockade on Iranian ports in exchange for Iran reopening the strait and returning to negotiations on its nuclear programme within a week.
Before the US and Israel launched strikes on Iran in late February, approximately one-fifth of global oil supplies flowed through the Strait of Hormuz, which links the Gulf to the Gulf of Oman and the Arabian Sea.
Commercial shipping in the waterway has declined drastically since the start of the war amid a slew of attacks on vessels in the Gulf, most of which have been blamed on Iran or allied groups.
Vessels made ۱۳۲ transits of the strait from September ۲۱ to ۲۷, a rise from ۱۱۶ the previous week, according to maritime intelligence platform MarineTraffic.
Before the start of the war, the waterway saw roughly ۱۳۰ crossings each day.
