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Oil heads higher as US-Iran peace talks in stalemate

World News

28-09-2026 | 00:12

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Oil heads higher as US-Iran peace talks in stalemate

Oil prices rebounded more than 1% on ‌Monday after U.S. President Donald Trump rejected a peace deal from Iran to resolve their conflict and reopen the Strait of Hormuz, keeping tensions in the Middle East elevated.

Brent crude futures rose $1.32, or 1.27%, to $105.64 a barrel by 0036 GMT while U.S. West Texas Intermediate crude was at $93.11 a barrel, up 70 cents, or 0.76%.

Brent edged up 0.4% last week but ‌WTI ⁠lost 7.9% on concerns that the U.S. may ban diesel exports to ease record prices which could curb U.S. refining output.

Reuters

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United States

Donald Trump

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Iran

Strait of Hormuz

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