Evening Briefing · Monday 28 September 2026
Oil Rises as Trump Rejects Iran's Hormuz Proposal
Brent climbed as high as $108.83 on Monday after the president turned down Tehran’s conditional offer to reopen the Strait of Hormuz. Prices pared gains around midday on reports, citing White House officials, that he was open to sanctions relief on nuclear matters.
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The day’s swing shows how finely the market is balanced between escalation and a deal. Abbas Araghchi and Iran’s negotiating team were due to meet Qatari mediators in New York to discuss the state of talks, IRNA reported. Inside Iran, the dollar rose above 2.4 million rials on the open market. The front-month contract ended the London day near $105.76.