Oil prices opened the week higher after US President Donald Trump rejected a plan proposed by Iran to reopen the Strait of Hormuz, keeping the critical maritime route for global energy supplies under continued strain.
Brent crude, the European benchmark, rose 2.48% to $106.80 per barrel, having earlier climbed as much as 3.48% to $107.95 during intraday trading. West Texas Intermediate (WTI), the US benchmark, was trading at $93.97 per barrel, up 1.56%.
According to Axios, Trump said that the conditions presented by Tehran would have been acceptable to the United States about a year ago, but that Iran had missed its opportunity. Negotiations are expected to resume later this week.
“The outlook for diplomatic efforts has become more uncertain, which contributed to gains in oil,” said Takahiro Asaoka, senior economist at Itochu Research Institute Inc, in comments to Bloomberg. “There was some expectation of a deal before the US midterm elections in November, but perhaps that is no longer likely,” he added.
Last week saw crude prices oscillate on contradictory signals surrounding the negotiations, the recovery of flows from the Middle East, and uncertainty over measures Washington might take to curb diesel prices — Trump made clear the White House is considering imposing restrictions on fuel exports.
Since the start of the year, Brent has gained more than 70%, with the conflict disrupting the Strait of Hormuz now entering its eighth month. The US economy faces serious challenges on energy prices, the sector bearing the sharpest inflationary pressures.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/2026/09/28/commodities-3/petroleo-abre-semana-a-subir-depois-de-trump-rejeitar-o-plano-do-irao-para-a-reabertura-de-ormuz/
