On September 13, 2026, a fuel tanker carrying Iraqi oil arrives at a coastal storage facility at the Baniyas oil terminal in Syria’s Tartus province.
Hasan Belal | Anadolu | Getty Images
Oil prices rose more than 1% in early Asian trading on Monday after US President Donald Trump rejected Iran’s peace plan aimed at ending the Middle East conflict and reopening the Strait of Hormuz.
usa crude oil Futures for November delivery rose 1.3% to $93.62 a barrel, while international benchmarks brent It rose 1.8% to $106.31 per barrel.
President Trump has rejected Iran’s conditional offer to reopen the Strait of Hormuz and told aides he expects a renewed U.S. attack on Iran after the November midterm elections, The Wall Street Journal reported Saturday, citing unnamed U.S. officials.
President Trump later admitted to reporters that he had rejected the Iranian government’s latest offer, saying, “They made an offer and I rejected it.”
Separately, Yemen’s Saudi-led coalition said on Saturday it had intercepted a projectile launched by Iran-backed Houthi rebels.
Iranian Foreign Minister Abbas Araghchi proposed on Friday that the Trump administration would reopen key shipping lanes and restart nuclear negotiations with the United States within seven days if Iran agrees to terms.
“If certain conditions are met, at the end of the seven days, the Strait of Hormuz will be opened and talks will resume,” Araghchi told reporters on the sidelines of the United Nations General Assembly in New York.
Conditions include an end to what Tehran calls U.S. “acts of aggression,” an end to the naval blockade and economic war, and the release of Iranian assets, Iranian Foreign Ministry spokesman Esmail Baghai said.
President Trump said earlier this month that he expected the conflict, which began with the Feb. 28 U.S. and Israeli airstrikes on Iran, to end soon after the midterm elections, and that oil prices would then fall.
—CNBC’s Azhar Sukri contributed to this report
