Oil prices rise 2% after Trump rejects Iran peace deal
USO•Oil prices climbed about 2% after President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz and end fighting. Brent rose 2.2% to $106.60 a barrel, while WTI gained 1.8% to $94.11.
1. Prices climb
Brent futures were up $2.28, or 2.2%, at $106.60 a barrel, while U.S. West Texas Intermediate crude rose $1.70, or 1.8%, to $94.11. Brent was on track for its highest close since September 15.
2. Talks expected
Qatari mediators were expected to hold separate talks with Iran and the United States on Monday or Tuesday. The discussions are expected to focus on an amended version of Iran’s seven-day proposal to reopen the Strait of Hormuz and end the fighting.
3. Exports and diesel
Middle East crude exports rebounded to 12.8 million barrels per day in September, the highest since the war began in February, preliminary Kpler data showed. Possible U.S. diesel export curbs widened the Brent-WTI spread, which was on track to close at its highest since May.
