Oil Opens the Week Higher After Trump Rejects Iran's Hormuz Proposal

US crude (West Texas Intermediate) traded just above $92 in Asian trading on Monday, 6 Mehr 1405 (September 28, 2026), up more than 0.8 percent after a gap-up open. Brent rose 2.52 percent to about $106.95, according to Trading Economics and Sahmino's own price data as of 8 a.m. Tehran time.

According to FXStreet, Donald Trump on Saturday rejected Iran's proposal to reopen the Strait of Hormuz within a week and resume nuclear talks in return for lifting the US naval blockade of Iranian ports, and on Sunday said further military strikes on Iran were possible before the US midterm elections; he also said US negotiators are likely to hold further talks with Iran this week. Continued Houthi attacks on Saudi Arabia added support to prices.

On the other side, preliminary data from Kpler show crude exports from key West Asian producers rebounded in September to 12.8 million barrels per day, the highest since the Iran war began, while a firmer dollar and expectations of a Federal Reserve rate hike in October have capped further gains.