
Oil prices rose in Asian trading to reach about $107 for Brent crude and $94 for West Texas Intermediate crude, following Iran’s announcement of its refusal to ease its conditions for opening the Strait of Hormuz after Washington rejected its proposal.
AI-generated summary
About a fifth of the world's energy supply passes through the Strait of Hormuz under normal conditions.
Oil prices rose in Asian trading today, Monday (September 28, 2026), after Iran announced its refusal to ease its conditions for reopening the Strait of Hormuz, after US President Donald Trump rejected the Iranian proposal to open the Strait, which dashed hopes for a rapid resumption of transit traffic through the Strait, through which about a fifth of global energy supplies pass under normal conditions.
Bloomberg News Agency reported that Brent crude, the global oil standard, rose to about $107 per barrel, while West Texas Intermediate crude, the US oil standard, rose to more than $94 per barrel.
President Trump said in an interview with the Axios news website yesterday, Sunday, that Tehran's conditions would have been acceptable to Washington about a year ago, adding that Iran is overestimating its position. Trump indicated that he expects negotiations between Tehran and Washington to resume this week.
Suvar Sarkar, head of energy research at DBS Bank, said that oil gains will likely be limited, because the market was not expecting the strait to reopen within seven days, according to the Iranian proposal, adding: “We do not think this changes things much.”
AI outlook — possibilities, not facts
Negotiations between Tehran and Washington will resume this week
Likely · Within days

Two years after his return to the White House, Trump's economic policies are facing major complications, represented by Brent crude exceeding $100, the Federal Reserve raising interest rates, and the budget deficit remaining near 6% of GDP despite strong investment and activity.

Indonesia has reduced its interventions in the spot exchange market to 30 percent due to the cost, while Germany faces the winter with gas reserves reduced by 57 percent while relying on diversification of import sources.

Total Energies announced that it has raised share repurchase allocations for the fourth quarter to $2.5 billion, while Germany faces the winter with low natural gas stocks but secured through a broader import portfolio.

South Korean stocks fell more than 2% in the first session after the Chuseok holiday, with shares in chip companies such as Samsung and SK Hynix falling on concerns about rising bond yields, while the won was stable at 1,357 won to the dollar and 3- and 10-year Korean government bond yields rose.

Gold prices fell by more than 2 percent on Monday with a rise in oil prices that reinforced inflation fears and supported expectations that the Federal Reserve would continue to raise interest rates, while crude oil exports from major producers in the Middle East rose to the highest level since the start of the war in February, and Egypt witnessed an increase in highway fees known as “cartas” with the network expanding and improving its quality globally.

China is imposing new travel restrictions on engineers and entrepreneurs specializing in fields such as batteries, rare metals and artificial intelligence, and limiting overseas investment and capital transfers, in an attempt to prevent the flight of talent and assets amid mounting economic pressures, including a collapse in the property market and a decline in domestic consumption.