Oil Prices Rise as Trump Rejects Latest Iranian Proposal
Iranian Foreign Minister Abbas Araghchi said Tehran was 'ready for real diplomacy' to end the conflict in the Persian Gulf.
TL;DR
- Oil prices rose on the morning of September 28th.
- U.S. President Donald Trump rejected a seven-day plan from Iran.
- The Iranian plan aimed to reopen the Strait of Hormuz in exchange for resuming nuclear talks.
- Trump expects talks with Iran to resume this week.
- Trump did not rule out military strikes before the U.S. midterm elections.
- Brent crude futures rose by $2.60 to $106.92 a barrel.
- US West Texas Intermediate crude rose by $2.08 to $94.49 a barrel.
- An economist attributed the price rise to a "knee-jerk response to the weekend’s political events."