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Oil rises as Trump declines Iran deal
Oil prices surged significantly after U.S. President Donald Trump rejected an Iranian proposal to de-escalate in the Middle East and reopen the Strait of Hormuz, one of the most vital channels for global oil transportation. Brent crude for November delivery rose by 4%, reaching $108.48 per barrel, the highest level since September 15, while West Texas Intermediate increased to $96.16. This came after reports confirmed that Trump rejected Iran's conditional offer to reopen the strait and resume nuclear talks, expecting U.S. strikes on Iran to resume after the November midterm elections. Markets remain concerned about a renewal of confrontation between Washington and Tehran, warning that ongoing tensions could impact global oil supplies.
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