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Brent crude tops $108 as Trump rejects Iranian proposal to reopen Hormuz Strait

Brent crude climbed past $108 a barrel after United States President Donald Trump dismissed an Iranian proposal to end the conflict and reopen the strategic Strait of Hormuz. The rejection sparked a global surge in energy costs, driving oil prices up by more than 4 percent. Equity markets reacted negatively to the renewed geopolitical impasse, dragging down major indexes including the Dow Jones Industrial Average and pushing Treasury yields higher.

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  • ✓ Brent crude topped $108 a barrel after U.S. President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz.
  • ✓ Oil prices surged by more than 4 percent following the dismissed proposal.
  • ✓ Iran's top diplomat, Foreign Minister Abbas Araghchi, was scheduled to meet U.N. Secretary-General Antonio Guterres.
  • ✓ On September 28, the U.S. market closed with the S&P 500 down 0.77% at 7,683.69, the Nasdaq Composite down 0.92% at 26,820.38, and the Dow Jones Industrial Average down 0.67% at $51,482.
🛡️ Source Corroboration: 16 independent reporting domains (95% confidence) ⏱ Read time: ~2 min

What changed

Crude prices surged following President Donald Trump's outright rejection of Tehran's conditional peace offer and reopening plan for the Hormuz Strait.

Live updates

  1. Brent Crude Tops $108 as Trump Rejects Iran Hormuz Proposal

    Brent crude climbed past $108 a barrel after United States President Donald Trump dismissed an Iranian proposal to end the conflict and reopen the strategic Strait of Hormuz. The rejection sparked a global surge in energy costs, driving oil prices up by more than 4 percent. Equity markets reacted negatively to the renewed geopolitical impasse, dragging down major indexes including the Dow Jones Industrial Average and pushing Treasury yields higher.

    Why it matters

    The Strait of Hormuz remains a vital choke point for global oil transport, and the ongoing closure exacerbates energy supply pressures. Diplomatic friction between Washington and Tehran continues to rattle broader financial markets, putting upward pressure on bond yields and weighing on non-yielding assets such as Bitcoin.

    What is confirmed

    • Brent crude topped $108 a barrel after U.S. President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz.
    • Oil prices surged by more than 4 percent following the dismissed proposal.
    • Iran's top diplomat, Foreign Minister Abbas Araghchi, was scheduled to meet U.N. Secretary-General Antonio Guterres.
    • On September 28, the U.S. market closed with the S&P 500 down 0.77% at 7,683.69, the Nasdaq Composite down 0.92% at 26,820.38, and the Dow Jones Industrial Average down 0.67% at $51,482.

    Still unconfirmed

    • Mediators are actively continuing efforts to broker a U.S.-Iran deal despite the latest rejection from Washington.

    What to watch next

    • Formal U.S. reply delivered via Qatar regarding the Hormuz proposal.
    • Further diplomatic meetings involving Iranian Foreign Minister Abbas Araghchi and United Nations officials.
    • Subsequent movements in global crude benchmarks and Treasury yields.
    Sources used for this update (17)
    1. Barchart.com — Crude Prices Fall Sharply in Hopes of a Deal to Reopen Hormuz
    2. Reuters — Oil rebounds after Trump rejects Iran peace deal
    3. CNBC — Oil gains over 1% as Trump rejects Iranian proposal to reopen Hormuz Strait
    4. Bloomberg.com — Bond Selloff Resumes as Oil Rises After Trump Spurns Iran Offer
    5. WSJ — Stock Market Today: Rejected Iran Truce Pushes Oil, Yields Higher; Dow Futures Slip — Live Updates
    6. The New York Times — Oil Prices Climb on Continued Impasse in U.S.-Iran Talks
    7. WSJ — Oil Prices Rise as U.S.-Iran Talks Face Fresh Hurdles
    8. qz.com — Oil prices surge 4% as Trump rejects Iran's Hormuz deal
    9. www.upi.com — Oil prices top $108 a barrel on fears of a resumption of U.S.-Iran war - UPI.com
    10. www.cnbc.com — Oil price today: WTI, Brent, Trump, Iran - CNBC
    11. www.aljazeera.com — Oil prices surge after Trump rejects Iran’s plan to reopen ...
    12. www.hngn.com — Iran Awaits US Answer on Hormuz as Trump Says He ‘Offered Nothing’
    confidence 95%
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