BAKU, Azerbaijan, September 28. Oil prices rebounded by more than 3 percent after US President Donald Trump rejected an Iranian peace proposal aimed at resolving the conflict and reopening the Strait of Hormuz.
Brent crude futures rose $3.98, or 3.82 percent, to $108.30 a barrel at 09:59 GMT. US West Texas Intermediate crude was trading at $95.93 a barrel, up $3.52, or 3.81 percent.
“Oil prices appeared to have jumped on the back of President Trump rejecting Iran’s peace proposal,” said Hamad Hussain, senior climate and commodities economist at Capital Economics.
Hussain said that while increased flows through the Strait of Hormuz were easing some upward pressure on prices, the broader oil market remained in deficit.
“While greater flows through the Strait of Hormuz are easing some of the upward pressure on prices, the bigger picture is that the oil market remains in a deficit,” he said.
