Oil climbs toward $107 as hopes for Hormuz reopening fade

September 28, 2026 (MLN): Oil strengthened at the start of the week, as Washington's refusal of Tehran's ceasefire terms dimmed hopes for an early reopening of the Strait of Hormuz.

Currently, Brent crude futures is up, 2.48%, at $106.91 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is up by $1.62, or 1.75%, to $94.03 per barrel by [09:52 am] PST.

The rally followed a weekend update by The Wall Street Journal, saying President Donald Trump had turned down Iran's offer and indicated that American military action against the country could restart once the November midterm elections are behind him.

President Trump himself later confirmed to journalists that he had shot down the Iranian plan, according to CNBC.

The plan had been laid out on Friday by Iranian Foreign Minister Abbas Araghchi during the UN General Assembly session in New York.

He said Tehran was prepared to let ships move through the strait again and return to nuclear talks with the US within a week, but only if its demands were met first.

The war began on February 28 with joint US and Israeli air strikes on Iran.

President Trump had suggested earlier this month that hostilities would likely wrap up soon after the midterms, followed by a drop in oil prices.

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