Iran rejects easing conditions on Strait of Hormuz

Oil prices increased today, Monday, September 28, 2026, after Iran refused to ease its conditions for opening the Strait of Hormuz, disrupting the movement of approximately one-fifth of global energy supplies. Brent crude rose to around $107 per barrel, while West Texas Intermediate exceeded $94, amid diminished hopes for a quick reopening of the vital passage following Iran's rejection of the offer and Trump's dismissal of the proposal. Markets remain volatile as they react to the potential reopening of the strait and ongoing U.S.-Iran tensions, amid uncertainty about upcoming policies.

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