Crude Oil Prices Rise Following US Rejections of Iran Talks Proposal

07:18 AM EDT, 09/28/2026 (MT Newswires) -- Crude oil prices rose Monday following US President Donald Trump's rejection of a proposal by Iran to reopen the Strait of Hormuz and return to talks. Brent crude futures were up 4.0% to $108.50 while West Texas Intermediate was up 4.2% to $96.31 in early Monday trading. Iran last week offered to remove its attempted restriction on maritime traffic in and out of the Persian Gulf and return to talks over its nuclear program in an exchange for unfreezing of its assets by the US and the removal of sanctions on the sale of Iranian crude, news outlets reported. Trump rejected the offer, insisting the US would not offer Iran any upfront concessions ahead of talks or the removal of sanctions, CNBC reported.