Oil hits $108 after Gulf states postpone talks with Iran over Hormuz
Crude oil prices reached $108 per barrel amid heightened regional tensions and stalled diplomatic efforts. Iranian Foreign Minister Abbas Araghchi stated that Tehran is waiting for an official response from Washington regarding its proposal to reopen the Strait of Hormuz. Meanwhile, US President Donald Trump rejected an Iranian seven-day roadmap, declaring the proposed deal unacceptable and asserting that Tehran is losing badly. Iranian President Masoud Pezeshkian also addressed the situation as regional markets reacted to ongoing shipping lane disruptions and geopolitical friction.
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- ✓ Iranian Foreign Minister Abbas Araghchi said Tehran is still waiting for an official response from Washington to its proposal to reopen the Strait of Hormuz.
- ✓ US President Donald Trump rejected Iran's seven-day roadmap, calling the proposed deal unacceptable.
- ✓ Crude Oil rose to 95.16 USD/Bbl on September 28, 2026, up 2.97% from the previous day.
What changed
Iranian Foreign Minister Abbas Araghchi confirmed Tehran is waiting for an official response from Washington after US President Donald Trump rejected a seven-day roadmap to reopen the Strait of Hormuz.
Live updates
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Iran Awaits US Response on Hormuz as Trump Rejects Roadmap
Crude oil prices reached $108 per barrel amid heightened regional tensions and stalled diplomatic efforts. Iranian Foreign Minister Abbas Araghchi stated that Tehran is waiting for an official response from Washington regarding its proposal to reopen the Strait of Hormuz. Meanwhile, US President Donald Trump rejected an Iranian seven-day roadmap, declaring the proposed deal unacceptable and asserting that Tehran is losing badly. Iranian President Masoud Pezeshkian also addressed the situation as regional markets reacted to ongoing shipping lane disruptions and geopolitical friction.
Why it matters
Trading data shows crude oil rising toward a four-month high following persistent military aggression and diplomatic setbacks in West Asia. Houthi attacks targeting three Saudi cities have previously caused civilian injuries and stoked fears over global petroleum supply stability. The security of vital maritime energy corridors remains central to international energy pricing and trade.
What is confirmed
- Iranian Foreign Minister Abbas Araghchi said Tehran is still waiting for an official response from Washington to its proposal to reopen the Strait of Hormuz.
- US President Donald Trump rejected Iran's seven-day roadmap, calling the proposed deal unacceptable.
- Crude Oil rose to 95.16 USD/Bbl on September 28, 2026, up 2.97% from the previous day.
Still unconfirmed
- US President Donald Trump claimed that Tehran is losing so badly.
What to watch next
- An official response from Washington to Tehran regarding the Strait of Hormuz proposal
- Developments in regional shipping lane negotiations involving Gulf states and Iran
confidence 95%Sources used for this update (7)
- oilprice.com — Crude Oil Prices Today | OilPrice.com
- oilprice.com — Oil News Today | OilPrice.com
- tradingeconomics.com — Crude Oil - Price - Chart - Historical Data - News
- www.liveoilprices.com — Live Oil Prices — Real-Time Crude Oil & Energy Market Data
- gtvnewshd.com — Iran Warns Enemies: “Surprises” Are Ready as New Military Technology Awaits
- en.wikipedia.org — Oil - Wikipedia
- en.wikipedia.org — Petroleum - Wikipedia
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Oil Reaches $108 Following Delayed Hormuz Talks
Crude prices reached $108 per barrel, nearing a four-month high, after Oman and Iran postponed negotiations intended to create a temporary shipping lane through the Strait of Hormuz without United States participation. This diplomatic setback coincides with military aggression in West Asia, specifically Houthi attacks targeting three Saudi cities and resulting in 13 civilian injuries. The combination of stalled diplomatic efforts and persistent regional conflict has heightened market fears regarding global petroleum supply stability and the security of vital maritime energy corridors.
Why it matters
The Strait of Hormuz functions as a critical global energy choke point where disruptions immediately impact international crude markets. Previous diplomatic channels aimed to mitigate these risks by establishing independent transit routes, but delays stall these protective measures. Ongoing military actions from Iran-aligned forces further compound vulnerabilities for regional infrastructure.
What is confirmed
- Oil prices hit $108 and approached a 4-month high after Oman and Iran postponed discussions regarding the Strait of Hormuz.
- Houthi forces, allies of Iran, attacked three Saudi cities, injuring 13 civilians.
What to watch next
- Resumption of talks between Gulf states and Iran regarding the Strait of Hormuz
- Further developments in regional security following attacks on Saudi cities
confidence 100%Sources used for this update (4)
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Oil prices reach $108 as Gulf states and Iran delay Hormuz talks
Oil prices hit $108 and approached a 4-month high after Oman and Iran postponed discussions regarding the Strait of Hormuz. This diplomatic delay occurs as Houthi forces, allies of Iran, attack three Saudi cities, injuring 13 civilians. The postponed talks were intended to establish a temporary shipping lane through the strait without US involvement. The combination of military escalation in West Asia and the lack of a resolution for the critical energy route has increased concerns over global oil supplies and regional stability.
Why it matters
The Strait of Hormuz is a primary global energy artery. Ongoing conflict between Saudi Arabia and Houthi forces has heightened the stakes for energy markets. The US military has spent at least $33.4 billion on the Iran war, primarily on munitions.
What is confirmed
- Oil prices rose to $108.
- Iran and Oman postponed a meeting to discuss the Strait of Hormuz.
- Houthi forces attacked three Saudi cities, injuring 13 civilians.
Still unconfirmed
- The Iran war has cost the US military at least $33.4 billion, according to the Pentagon.
What to watch next
- Announcement of a new date for the Oman-Iran talks
- Changes in shipping traffic volume through the Strait of Hormuz
- Further Houthi military advances in Yemen
confidence 90%Sources used for this update (3)
- www.yahoo.com — Oil prices near 4-month high as Iran and Oman delay Strait of Hormuz talks
- www.livemint.com — US-Iran War LIVE: Houthi attacks on 3 Saudi cities injure 13 civilians
- www.yahoo.com — White House backs Hegseth as new details come out about Iran war's cost
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Oil hits $108 as Gulf states postpone Hormuz talks with Iran
Global oil prices rose to $108 after Oman postponed a scheduled meeting between Iran and Gulf Arab states. The talks aimed to establish a temporary shipping lane through the Strait of Hormuz without US participation. This diplomatic delay coincided with a drop in Hormuz shipping traffic below its 10-day average and a 1.5 percent decline in Pakistan's benchmark stock index. Oman has not announced a new date for the discussions, leaving the status of the critical energy route unresolved.
Why it matters
The Strait of Hormuz is a vital global energy corridor. Ongoing Middle East conflict and Houthi attacks against Saudi Arabia have increased the risk of disruption to oil and gas markets.
What is confirmed
- Oman postponed talks between Iran and Gulf states regarding the reopening of the Strait of Hormuz.
- The postponed discussions were to take place without US participation.
- Oil prices reached $108 following the postponement of the talks.
- Shipping traffic in the Strait of Hormuz remained below the 10-day average over the weekend.
- The KSE-100 index in Pakistan fell 1.5 percent on Monday.
Still unconfirmed
- Saudi Arabia shut a critical export pipeline.
- The talks were delayed specifically because Saudi Arabia is countering Houthi attacks.
What to watch next
- Announcement of a new date for the Iran-Gulf talks
- Changes in Hormuz shipping traffic volume
- Official confirmation of Saudi export pipeline status
confidence 90%Sources used for this update (10)
- CNN — Iran-Gulf talks without US participation on reopening the Strait of Hormuz postponed, Omani official says
- The New York Times — Meeting Between Iran, Arab States Postponed as Mideast Diplomacy Stalls
- Reuters — Diplomacy stumbles with postponement of meeting on Strait of Hormuz proposal
- Al Jazeera — Iran war live: Oman says Hormuz talks with Iran, Gulf states postponed
- Financial Times — Oil hits $108 after Gulf states postpone talks with Iran over Hormuz
- Reuters — Hormuz shipping traffic remains below 10-day average at weekend, data shows
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- www.union-bulletin.com — Iran-Gulf talks delayed as Saudi Arabia counters Houthi attacks
- www.arabnews.pk — Pakistan stocks fall 1.5 percent as Hormuz uncertainty, oil surge hit sentiment
- minutemirror.com.pk — Oil prices surge as Gulf talks collapse and Houthi strikes widen
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