Oil prices surge after Trump rejects Iran’s plan to reopen Strait of Hormuz

Brent crude rises more than 3 percent to top $107 a barrel as Washington dismisses Tehran’s proposal to end war.Published On 28 Sep 202628 Sep 2026Oil 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 3 percent on Monday, nearing $108 a barrel during trading in Asia.Recommended Stories list of 4 itemslist 1 of 4Virat Kohli passes 15,000 ODI runs as India beat West Indieslist 2 of 4Serbia’s snap election: Can Vucic outmanoeuvre the student revolt?list 3 of 4US, China list goods recommended for tariff cuts following Trump-Xi summitlist 4 of 4Rescuers search for 12 missing after Nepal avalanche kills twoend of listAfter easing in the afternoon, Brent futures for November were trading at $107.35 a barrel shortly before 08:00 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 0.5 percent gain for the benchmark S&P 500.Japan and South Korea’s benchmark Nikkei 225 and Kospi indexes fell 0.73 percent and 2.70 percent, respectively.Hong Kong’s Hang Seng ...