Crude prices jumped as the US president dismissed Tehran's peace overture on the strategic waterway.
Published
Oil futures rose more than 1% on Monday after President Donald Trump rejected an Iranian proposal to reopen the Hormuz Strait. The rejection escalates tensions with Tehran and threatens a key chokepoint for global oil shipments. The market response signals investor anxiety about potential supply disruptions through the strait, through which roughly a fifth of global oil consumption passes. The Iranian proposal had sought to end the ongoing conflict by offering to reopen the waterway to international shipping. Trump confirmed the rejection during meetings this weekend, maintaining the administration's hardline stance on Tehran. Markets are now watching for further Iranian response and potential impacts on shipping insurance rates.
Sources: 1. Daily Trust: Don’t vote those who denied me ticket – Goje tells supporters — https://dailytrust.com/dont-vote-those-who-denied-me-ticket-goje-tells-supporters/ (src1) 2. CNBC: Northern Star shares pop as Australian gold miner rejects $27-billion takeover proposal — https://www.cnbc.com/2026/09/28/northern-star-shares-gold-fields-takeover-bid.html (src2) 3. Fox Business: Trump hosting Anthropic CEO Dario Amodei for private White House dinner — https://www.foxbusiness.com/politics/trump-hosting-anthropic-ceo-dario-amodei-private-white-house-dinner (src3) 4. U.S.