Oil gains over 1% as Trump rejects Iranian proposal to reopen Hormuz Strait

Fuel tankers carrying Iraqi oil arrive at the coastal storage facilities of the Baniyas Oil Terminal in Tartus province, Syria, on September 13, 2026. Hasan Belal | Anadolu | Getty ImagesOil prices climbed more than 1% Monday in early Asia trading after U.S. President Donald Trump rejected an Iranian peace proposal aimed at ending the Middle East conflict and reopening the Strait of Hormuz.U.S. crude futures for November delivery rose 1.3% to $93.62 a barrel, while international benchmark Brent gained 1.8% to $106.31 a barrel. Trump has turned down Iran's conditional offer to reopen the Strait of Hormuz and told aides he expects U.S. strikes on the country to resume after November's midterm elections, The Wall Street Journal reported Saturday, citing unnamed U.S. officials.Trump later confirmed to reporters that he had rejected Tehran's latest proposal: "They made a proposal but I rejected it."Separately, Yemen's Saudi-led coalition said on Saturday it had intercepted projectiles launched by Iran-backed Houthi rebels.Iranian Foreign Minister Abbas Araghchi on Friday offered to reopen the key shipping route and restart nuclear negotiations with Washington within seven days, if the T...