Oil Prices Climb as US-Iran Peace
Talks Falter

Singapore, 28 Sep 2026 (ONA) — Oil
prices rose by more than one percent today after US President Donald Trump
rejected a peace proposal from Iran to resolve the conflict between them and
reopen maritime navigation, prolonging tensions in the Middle East.

Brent crude futures climbed $1.32,
or 1.27 percent, to $105.64 per barrel, while US West Texas Intermediate crude
rose 70 cents, or 0.76 percent, to $93.11 per barrel.

Iran announced its peace proposal
last week at the United Nations General Assembly in New York, saying it had
been referred to the Americans through intermediaries.

For his part, the US President said
he had rejected the plan, but indicated in a remark that he expected American
negotiators to hold further talks this week.

Brent crude rose 0.4 percent last
week, but West Texas Intermediate fell 7.9 percent amid fears that the United
States will ban diesel exports to ease record prices, which could curb American
refining products.

Meanwhile, preliminary data from
Kpler today showed that crude oil exports from major Middle East producers
rebounded in September to reach 12.8 million barrels per day, the highest level
since the war began last February.

— Ends/Khalid