Oil prices surge after Trump rejects Iran’s plan to reopen Strait of Hormuz

What the report says

Oil prices climbed sharply after United States President Donald Trump отверг an Iranian proposal tied to reopening the Strait of Hormuz, according to Al Jazeera. Brent crude, the international benchmark, rose more than 3 percent on Monday and briefly approached $108 a barrel in Asian trading before easing to about $107.35 a barrel later in the session.

Al Jazeera reported that Tehran’s plan, presented at the United Nations General Assembly, would have involved the release of frozen Iranian funds, lifting sanctions, and ending the naval blockade on Iranian ports in return for reopening the strait and resuming talks on Iran’s nuclear program within a week. Trump said the proposal was not acceptable, contributing to renewed market volatility.

The Strait of Hormuz is a key global energy shipping route linking the Gulf to the Gulf of Oman and the Arabian Sea. Al Jazeera noted that, before the conflict involving the United States, Israel and Iran, roughly one-fifth of global oil supplies moved through the waterway. Shipping has since fallen sharply amid attacks on vessels in the Gulf that have frequently been blamed on Iran or groups aligned with it.

The report also said commercial traffic showed some recent recovery, with 132 transits recorded in the week of September 21 to 27, up from 116 the week before, though still below prewar levels. The price move highlights how political tensions in the region continue to affect energy markets worldwide.