Brent Jumps 2.7% as Trump Rejects Iran Hormuz Deal — SkimNews
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- Brent crude gained 2.65% to $106.96 a barrel while U.S. crude futures rose 1.69% to $94.10 in Monday Asia trading following Trump's rejection of Iran's proposal.
- Trump rejected Iran's offer to reopen the Strait of Hormuz and told aides he expects U.S. strikes on Iran to resume after November's midterm elections, per the Wall Street Journal, later confirming to reporters: "They made a proposal but I rejected it."
- Iranian Foreign Minister Abbas Araghchi offered to open Hormuz and restart nuclear talks within seven days if the U.S. ends "acts of aggression," lifts its naval blockade, and releases frozen Iranian assets.
- Yemen's Saudi-led coalition said it intercepted projectiles launched by Iran-backed Houthi rebels on Saturday, underscoring the broader regional security fallout.
- The conflict began Feb. 28 with U.S. and Israeli airstrikes on Iran; Trump had said earlier this month it would conclude soon after the midterms, with oil prices declining afterward.
Why it matters: Trump's rejection keeps the Strait of Hormuz effectively shuttered, sustaining upward pressure on Brent at $106.96 a barrel and U.S. crude at $94.10; traders are now pricing not a peace deal but a post-midterms escalation, since the administration itself signaled strikes will resume after the election.
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