(../../../../favicon_aje.ico) Oil prices surge after Trump rejects Iran’s plan to reopen Strait of Hormuz | Oil and Gas News | Al Jazeera    (https://www.aljazeera.com/economy/2026/9/28/oil-prices-surge-after-trump-rejects-irans-plan-to-reopen-strait-of-hormuz)                                              (https://www.aljazeera.com/xml/rss/all.xml)  (https://www.aljazeera.com/amp/economy/2026/9/28/oil-prices-surge-after-trump-rejects-irans-plan-to-reopen-strait-of-hormuz)  (https://www.aljazeera.com/wp-content/uploads/2026/09/AP26250323127372-1790581886.jpg?resize=1920%2C1440)  (../../../../wp-content/uploads/2026/09/AP26250323127372-1790581886.jpg@resize=770,513&quality=80)     (https://cdn.cookielaw.org) (https://cdn.cookielaw.org) (https://cdn.cookielaw.org) (https://cdn.cookielaw.org/scripttemplates/otSDKStub.js) (https://www.google-analytics.com) (https://www.google-analytics.com) (https://www.google-analytics.com) (https://static.chartbeat.com/) (https://static.chartbeat.com/) (https://static.chartbeat.com/) (../../../../static/css/vendor~main~d08ff9cb.24bf1742.r2.chunk.css) (../../../../static/css/component~main~748942c6.6c6e15fe.r2.chunk.css) (../../../../static/css/component~main~b07b7304.e3bc53a0.r2.chunk.css) (../../../../static/css/component~main~6e6dca10.74fd263a.r2.chunk.css) (../../../../static/css/component~main~5db14389.a7dc5dd5.r2.chunk.css) (https://www.aljazeera.com/static/media/Roboto-Bold.52bb58c8.woff2) (https://www.aljazeera.com/static/media/Roboto-Regular.c5bf51b6.woff2)  (../../../../static/css/vendor~aje/containers/home-page~components/video-article/videoPageDispatcher~containers/amp-live-blo~5f903362.2e08e417.r2.chunk.css)  (../../../../static/css/component~aje/containers/home-page~components/video-article/videoPageDispatcher~containers/amp-live-~41c72a2c.3f309873.r2.chunk.css)  (../../../../static/css/component~aje/containers/home-page~components/video-article/videoPageDispatcher~containers/amp-live-~06be7c11.0625e98d.r2.chunk.css)  (../../../../static/css/common~493df0b3.ec3ab9b5.r2.chunk.css)  (../../../../static/css/pages/article-page~493df0b3.accd71c7.r2.chunk.css)  (../../../../static/css/common~493df0b3.ec3ab9b5.r2.chunk.css)   Skip links (oil-prices-surge-after-trump-rejects-irans-plan-to-reopen-strait-of-hormuz@traffic_source=rss.html#main-content-area) Skip to Content  (https://www.aljazeera.com/)          (https://www.aljazeera.com/video/live) play    Live    Sign up  Show navigation menu     Navigation menu (https://www.aljazeera.com/news/) News    Show more news sections  (https://www.aljazeera.com/africa/) Africa   (https://www.aljazeera.com/asia/) Asia   (https://www.aljazeera.com/us-canada/) US & Canada   (https://www.aljazeera.com/latin-america/) Latin America   (https://www.aljazeera.com/europe/) Europe   (https://www.aljazeera.com/asia-pacific/) Asia Pacific      (https://www.aljazeera.com/middle-east/) Middle East   (https://www.aljazeera.com/tag/explainer/) Explained   (https://www.aljazeera.com/sports) Sport   (https://www.aljazeera.com/opinion/) Opinion   (https://www.aljazeera.com/videos/) Video   More   Show more sections  (https://www.aljazeera.com/aljazeera-originals) Originals   (https://www.aljazeera.com/features/) Features   (https://www.aljazeera.com/economy/) Economy   (https://www.aljazeera.com/tag/human-rights/) Human Rights   (https://www.aljazeera.com/climate-crisis) Climate Crisis   (https://www.aljazeera.com/investigations/) Investigations   (https://www.aljazeera.com/interactives/) Interactives   (https://www.aljazeera.com/gallery/) In Pictures   (https://www.aljazeera.com/tag/science-and-technology/) Science & Technology   (https://www.aljazeera.com/audio/podcasts) Podcasts   (https://www.aljazeera.com/travel) Travel   (https://www.aljazeera.com/sponsored/) Sponsored Content        (https://www.aljazeera.com/video/live) play    Live    Click here to search search     Sign up        Navigation menu caret-left    (https://www.aljazeera.com/tag/israel-iran-conflict/) US-Israel war on Iran    (https://www.aljazeera.com/news/2026/7/9/strait-of-hormuz-what-has-happened-since-the-us-iran-mou-on-june-17) Strait of Hormuz   (https://www.aljazeera.com/news/2026/9/9/has-iran-captured-an-unmanned-us-submarine-what-we-know) Did Iran capture a US submarine?   (https://www.aljazeera.com/news/2026/7/8/why-have-us-iran-strikes-resumed-and-what-does-it-mean-for-peace-talks) Why have  strikes resumed?   (https://www.aljazeera.com/aljazeera-originals) Al Jazeera Originals   (https://www.aljazeera.com/news) News     caret-right         (https://www.aljazeera.com/economy/) Economy |(https://www.aljazeera.com/tag/oil-and-gas/) Oil and Gas   Oil prices surge after Trump rejects Iran’s plan to reopen Strait of Hormuz Brent crude rises more than 3 percent to top $107 a barrel as Washington dismisses Tehran’s proposal to end war.   Listen   Listen (2 mins)       Save       Share Oil prices surge after Trump rejects Iran’s plan to reopen Strait of Hormuz on social media share-nodes    Share (https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Faje.news%2Fa96xfu) facebook      (https://twitter.com/intent/tweet?text=Oil%20prices%20surge%20after%20Trump%20rejects%20Iran%E2%80%99s%20plan%20to%20reopen%20Strait%20of%20Hormuz&source=sharethiscom&related=sharethis&via=AJEnglish&url=https%3A%2F%2Faje.news%2Fa96xfu) x    (whatsapp://send?text=https%3A%2F%2Faje.news%2Fa96xfu) whatsapp-stroke    (https://aje.news/a96xfu)  copylink          google       Add Al Jazeera on Google  info      (Commercial vessels anchored in the Strait of Hormuz)   Commercial vessels anchored in the Strait of Hormuz off Bandar Abbas, Iran, on September 7, 2026 [Vahid Salemi/AP Photo]   (https://www.aljazeera.com/author/powerj)     By  (https://www.aljazeera.com/author/powerj) John Power    Published On 28 Sep 2026 28 Sep 2026    Oil prices have risen sharply following United States President Donald Trump’s rejection of an Iranian proposal to reopen the Strait of Hormuz within seven days. Brent crude, the international benchmark, rose more than 3 percent on Monday, nearing $108 a barrel during trading in Asia. Recommended Stories list of 4 items list 1 of 4 (https://www.aljazeera.com/sports/2026/9/28/virat-kohli-passes-15000-odi-runs-as-india-beat-west-indies) Virat Kohli passes 15,000 ODI runs as India beat West Indies  list 2 of 4 (https://www.aljazeera.com/features/2026/9/28/serbias-snap-election-can-vucic-outmanoeuvre-the-student-revolt) Serbia’s snap election: Can Vucic outmanoeuvre the student revolt?  list 3 of 4 (https://www.aljazeera.com/economy/2026/9/28/us-china-list-goods-recommended-for-tariff-cuts-following-trump-xi-summit) US, China list goods recommended for tariff cuts following Trump-Xi summit  list 4 of 4 (https://www.aljazeera.com/news/2026/9/28/rescuers-search-for-12-missing-after-nepal-avalanche-kills-two) Rescuers search for 12 missing after Nepal avalanche kills two   end of list  After easing in the afternoon, Brent futures for November were trading at $107.35 a barrel shortly before 08:00 GMT. Major stock markets in the Asia Pacific had a mixed session after Wall Street ended the week on a high on Friday with a 0.5 percent gain for the benchmark S&P 500. Japan and South Korea’s benchmark Nikkei 225 and Kospi indexes fell 0.73 percent and 2.70 percent, respectively. Hong Kong’s Hang Seng Index rose 0.54 percent, while the S&P/ASX 200 in Australia edged up 0.17 percent. The latest market volatility comes after Trump said on Saturday Tehran’s latest proposal for ending the US-Israel war on Iran was not acceptable. Under Tehran’s proposal announced at the United Nations General Assembly on Friday, the US would release frozen Iranian funds, lift sanctions and end its naval blockade on Iranian ports in exchange for Iran reopening the strait and returning to negotiations on its nuclear programme within a week. Before the US and Israel launched strikes on Iran in late February, approximately one-fifth of global oil supplies flowed through the Strait of Hormuz, which links the Gulf to the Gulf of Oman and the Arabian Sea. Commercial shipping in the waterway has declined drastically since the start of the war amid a slew of attacks on vessels in the Gulf, most of which have been blamed on Iran or allied groups. Advertisement    Vessels made 132 transits of the strait from September 21 to 27, a rise from 116 the previous week, according to maritime intelligence platform MarineTraffic. Before the start of the war, the waterway saw roughly 130 crossings each day.            aj-logo             aj-logo             aj-logo       Advertisement          About About   Show more  (https://www.aljazeera.com/about-us) About Us   (https://www.aljazeera.com/code-of-ethics/) Code of Ethics   (https://www.aljazeera.com/terms-and-conditions/) Terms and Conditions   (https://www.aljazeera.com/eu-eea-regulatory/) EU/EEA Regulatory Notice   (https://privacy.aljazeera.net/) Privacy Policy   (https://privacy.aljazeera.net/cookie/) Cookie Policy   (https://www.aljazeera.com/) Cookie Preferences    (https://trust.aljazeera.net/accessibility/) Accessibility Statement   (https://www.aljazeera.com/sitemap) Sitemap   (https://careers.aljazeera.net/) Work for us      Connect Connect   Show more  (https://network.aljazeera.net/en/contact?tid=6) Contact Us   (https://www.aljazeera.com/user-accounts-help) User Accounts Help   (https://commercial.aljazeera.net/) Advertise with us   (https://www.aljazeera.com/stay-connected) Stay Connected   (https://www.aljazeera.com/newsletters) Newsletters   (https://sat.aljazeera.net/en) Channel Finder   (https://www.aljazeera.com/schedule/) TV Schedule   (https://www.aljazeera.com/podcasts/) Podcasts   (https://webapps.aljazeera.net/aje/tips/) Submit a Tip   (https://www.aljazeera.com/sponsored) Paid Partner Content      Our Channels Our Channels   Show more  (http://aljazeera.net/) Al Jazeera Arabic   (https://www.aljazeera.com/) Al Jazeera English   (https://www.ajiunit.com/) Al Jazeera Investigative Unit   (https://www.aljazeeramubasher.net/) Al Jazeera Mubasher   (http://doc.aljazeera.net/) Al Jazeera Documentary   (http://balkans.aljazeera.net/) Al Jazeera Balkans   (http://ajplus.net/) AJ+      Our Network Our Network   Show more  (http://studies.aljazeera.net/en/) Al Jazeera Centre for Studies   (http://training.aljazeera.net/) Al Jazeera Media Institute   (http://learning.aljazeera.net/) Learn Arabic   (http://liberties.aljazeera.com/en) Al Jazeera Centre for Public Liberties & Human Rights   (http://forum.aljazeera.net/) Al Jazeera Forum   (https://hotels.aljazeera.net/en) Al Jazeera Hotel Partners        Follow Al Jazeera English: (https://www.facebook.com/aljazeera) facebook       (https://twitter.com/ajenglish) twitter     (https://www.youtube.com/aljazeeraenglish) youtube     (https://www.instagram.com/aljazeeraenglish/?hl=en) instagram-colored-outline                          (https://www.aljazeera.com/xml/rss/all.xml) rss     (https://bsky.app/profile/aljazeera.com) bluesky     (https://www.tiktok.com/@aljazeeraenglish) tiktok-colored-outline                  (Al Jazeera Media Network logo)   © 2026 Al Jazeera Media Network