Trump rejects Iran's peace proposal, oil prices rebound by over 1%

1. On Monday, Brent crude oil prices rebounded by more than 1%. Previously, US President Trump rejected Iran's peace proposal aimed at resolving the conflict and reopening the Strait of Hormuz, keeping tensions in the Middle East high. Brent crude December futures once rose by 1.3% to $98.64 per barrel; US crude oil November futures once increased by 1.5% to $93.80 per barrel.2. Last week, Iran announced a peace proposal at the United Nations General Assembly in New York, stating that it had conveyed the offer to the US through Qatari mediation. On Saturday (September 26), Trump said he rejected the plan, but during a phone interview with Axios on Sunday (September 27), he indicated that US negotiators are expected to hold more consultations this week.3. Analysts at ANZ Bank stated in a report that geopolitical risks remain high, with the Houthi forces and Iran continuing to attack Saudi Arabia, putting the region's energy supply at risk. The analysts also noted that refined oil products remain a pressure point, with US diesel prices hitting historic highs, increasing inflation risks, and sparking new discussions about potential export restrictions. If the US restricts diesel exports, supply outside the US will tighten; European oil prices have already responded to the prospect of reduced US supplies.4. Kpler data on Monday showed that as Saudi Arabia and the UAE increased their exports, crude oil exports from the major oil-producing countries in the Middle East rebounded to 12.8 million barrels per day in September, the highest level since the outbreak of war between the US, Israel, and Iran in February this year. Preliminary data indicate that with crude oil shipments through the Strait of Hormuz resuming, crude oil exports via the Strait are expected to be about 7.4 million barrels per day in September. Previously, after Saudi Arabia’s East-West pipeline was damaged in an attack, it shifted part of its exports from the Red Sea Yanbu port to the eastern Ras Tanura port.