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Oil Prices Rise as Trump Rejects Iran Peace Proposal and Supply Risks Persist
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- Published
- Sep 28, 2026, 3:20 AM UTC
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Iran offered to reopen the key shipping route and restart negotiations with the U.S. within seven days, if the Trump administration agreed to Tehran's conditions.
Oil prices rose while stocks and bonds fell after US President Donald Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz, reversing some of the optimism that lifted markets late last week.
On Saturday, reports said U.S. President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz, arguing that Iran sought a deal to reopen the waterway because it was under heavy pressure.