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Oil prices rise in global markets

Published : Monday, 28 September, 2026 at 9:09 AM

Observer Online Report

Oil prices rose by more than 1% in early Asian trading on Monday (September 28) after US President Donald Trump rejected Iran’s proposal to reopen the Strait of Hormuz and resume nuclear negotiations, adding fresh uncertainty to the global oil market.

Brent crude futures were up 0.80% at $98.22 per barrel at one point in early trading, according to market data cited in reports. Later, Brent futures rose as much as 1.74% to $106.14 per barrel, while US West Texas Intermediate (WTI) crude climbed 1.23% to $93.55.

The latest price movement came after Iranian Foreign Minister Abbas Araghchi said on Friday that Tehran could reopen the Strait of Hormuz within seven days and resume nuclear talks with Washington if certain conditions were met.

Iran’s conditions include an end to US military operations, the lifting of the naval blockade, easing economic pressure on Iran and the release of frozen Iranian assets.

Araghchi made the remarks on the sidelines of the United Nations General Assembly, saying the strait could be reopened and negotiations resumed within seven days if the conditions were fulfilled.

Trump later rejected the proposal, saying, “They made an offer, but I rejected it.”

The Strait of Hormuz is a key route for global energy shipments, and uncertainty over its reopening has continued to put pressure on oil markets.

-MT

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Editor : Iqbal Sobhan Chowdhury

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