Donald Trump Rejects Iran Peace Plan as Oil Prices Rise
- Global oil prices entered the new week with a sharp rise after US President Donald Trump rejected an Iranian peace proposal , which would also include the opening...
- West Texas Intermediate crude rose $2.14 to $94.55 a barrel.
- Trump told reporters on Saturday that he had rejected the plan, but later said he expected talks to continue.
Global oil prices entered the new week with a sharp rise after US President Donald Trump rejected an Iranian peace proposal , which would also include the opening of the Strait of HormuzBrent crude futures rose three percent to $107.75 a barrel, Reuters reported. according to market reports.
Impact on Brent and WTI oil prices
Brent crude futures rose $3.43 to $107.75 a barrel. West Texas Intermediate crude rose $2.14 to $94.55 a barrel. Iran announced last week at the UN General Assembly in New York that it had sent a draft peace agreement to Washington through Qatari intermediaries, aimed at ending the conflict and reopening the Strait of Hormuz.
Trump told reporters on Saturday that he had rejected the plan, but later said he expected talks to continue. “While diplomatic efforts are not over, the rejection has dampened hopes for an early breakthrough. Brent futures remain at $120 a barrel. As long as prices remain above that level, a decline is still possible, especially if shipping conditions improve and negotiations progress,” said Sugandha Sachdeva, founder of Indian research firm SS WealthStreet. according to available statements.
Geopolitical tensions and supply developments
Despite the rejection of the peace plan, the volume of oil exported from the Middle East has increased. According to data from Kpler, exports from major producers in the region rose to 12.8 million barrels per day in September. The recovery is also related to the resumption of transportation through the Strait of Hormuz and high exports from Saudi Arabia. The market is now caught between two opposing forces, with physical oil supplies from the region increasing, but geopolitical risk following the rejection of the Iranian proposal remains high and continues to support prices.