Oil prices surge after Trump rejects Iran’s ceasefire offer
Brent rises more than 3% to above $107 a barrel following Washington’s rejection
Oil prices rose sharply during Asian trading on Monday after US President Donald Trump rejected an Iranian proposal for a seven-day ceasefire in the Middle East war. According to AFP, the rally pushed Brent crude above $107 a barrel.
Iran presented a plan at the United Nations last week to halt hostilities and reopen the Strait of Hormuz, a vital route for international oil and gas shipments. The proposal would have helped restore oil supplies from Gulf countries.
Trump sobre Irán: “Vamos a ganar esta guerra muy pronto, y tan pronto como la ganemos, el petróleo bajará, bajará mucho hasta lo que era antes de la guerra”. pic.twitter.com/XRsYIngQGh
— Wall Street Wolverine (@wallstwolverine) September 27, 2026
Trump, however, dismissed the offer, arguing that its terms did not meet his demands. The Iranians “want to make a deal, but it’s not the deal I want to make,” the US president said.
Brent and WTI regain ground after earlier losses
Tehran’s offer had prompted a decline in crude prices, but Washington’s rejection reversed that trend during Monday’s Asian trading session.
In the prices reported by AFP, North Sea Brent, the global oil benchmark, was up 3.1% at $107.51 a barrel. West Texas Intermediate (WTI), the US benchmark, rose 2.1% to $94.32 a barrel.
Two maritime chokepoints constrain oil supplies
The Strait of Hormuz is one of the main export routes for oil from Gulf countries. According to the report, it has remained largely blocked by Iran since the war began in late February.
The situation has worsened with the blockade of the Bab el-Mandeb Strait by Yemen’s Iran-aligned Houthis, who have prevented Saudi Arabian oil shipments from passing through the route. Restrictions at these two maritime chokepoints continue to put pressure on global crude supplies.