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Energy

Oil Jumps As Trump Turns Down Iran’s Strait Of Hormuz Deal

Brent crude rose 2.3% to $106.73 per barrel, while US West Texas Intermediate gained 2% to $94.25. Brent had earlier reached $108.83.

,   and  TIPP Staff
2 min read

Oil prices climbed Monday after President Donald Trump rejected Iran’s proposal to reopen the Strait of Hormuz and restart nuclear negotiations with Washington.

Brent crude rose 2.3% to $106.73 per barrel, while US West Texas Intermediate gained 2% to $94.25. Brent had earlier reached $108.83.

Trump confirmed he rejected Tehran’s offer after The Wall Street Journal reported that he expected US strikes against Iran to resume following the November midterm elections.

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Iranian Foreign Minister Abbas Araghchi had proposed reopening Hormuz within seven days if Washington accepted Tehran’s conditions. According to Iran’s Foreign Ministry, those demands included ending what Tehran calls US aggression, lifting the naval blockade and releasing Iranian assets.

The Strait of Hormuz is a critical global energy route, making disruptions a major concern for oil markets. Separately, a Saudi-led coalition reported intercepting projectiles launched by Iran-backed Houthi rebels.

Energy analyst Cornelia Meyer told CNBC that markets are increasingly pricing in the possibility of renewed US-Iran hostilities after the midterms, while global oil inventories remain limited.

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Supply disruptions linked to conflicts involving Iran, Russia and Ukraine have contributed to the surge.
tippinsightsTIPP Staff

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