Brent crude climbs over 3% to surpass $107 a barrel after Washington rejects Tehran’s proposal to end the conflict.
Published On 28 Sep 2026
Oil prices jumped after U.S. President Donald Trump turned down an Iranian offer to reopen the Strait of Hormuz within a week.
Brent crude, the global benchmark, gained more than 3% on Monday, approaching $108 per barrel during Asian trading.
After a brief pullback in the afternoon, November Brent futures settled at $107.35 per barrel just before 08:00 GMT.
Asia‑Pacific equity markets showed mixed results following a Friday rally on Wall Street, where the S&P 500 added 0.5%.
Japan’s Nikkei 225 slipped 0.73%, while South Korea’s Kospi dropped 2.70%.
Hong Kong’s Hang Seng climbed 0.54%, and Australia’s S&P/ASX 200 edged higher by 0.17%.
The recent market volatility followed Trump’s Saturday comment that Tehran’s latest proposal to end the U.S.–Israel conflict with Iran was unacceptable.
According to Tehran’s proposal unveiled at the UN General Assembly on Friday, the United States would free‑release Iranian assets, lift sanctions and lift its naval blockade on Iranian ports if Iran agreed to reopen the Strait of Hormuz and return to nuclear talks within a week.
Prior to the U.S.-Israeli strikes on Iran in late February, roughly one‑fifth of global oil shipments passed through the Strait of Hormuz, the waterway linking the Gulf to the Gulf of Oman and the Arabian Sea.
Commercial traffic through the strait has fallen sharply since hostilities began, as numerous vessel attacks in the Gulf—largely attributed to Iran or its proxies—have disrupted trade.
From September 21 to 27, vessels recorded 132 transits of the strait, up from 116 the week before, per MarineTraffic data.
Before the conflict, the strait averaged about 130 crossings per day.
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- \nEU Forges Emergency Security Protocol Amid Heightened Russian Hybrid Threat Warning\n\nThe EU is drawing up a new mechanism to coordinate its response to Russian sabotage and other hybrid attacks, as European officials warn that Moscow is planning further operations across the continent.\n\nEuropean foreign ministers meeting in Brussels on Monday have been tasked with developing the bloc’s so‑called “emergency security protocol,” designed to help member states coordinate their responses quickly when a hybrid threat is identified.\n\n“We need to be vigilant because we see in the intelligence that Russia is planning more sabotage acts,” EU foreign policy chief Kaja Kallas said as she arrived for the talks.\n\nKallas said such attacks were aimed at European democracy, seeking to divide communities and intimidate them into withdrawing support for Ukraine.\n\n“We have to keep this in mind while standing up to these threats,” she added.\n\nThe mechanism, spearheaded by Kallas and European Commission President Ursula von der Leyen, is intended to sit at the heart of the EU’s response to hybrid warfare.\n\nOutlined by von der Leyen in her State of the European Union speech in Strasbourg in mid‑September, it would form part of a new security structure and could be triggered by a member state when a hybrid threat is identified.\n\nEU countries would then convene to coordinate their response.\n\nKallas said the mechanism would cover incidents that fall “under the threshold for armed aggression” but nonetheless require a response.\n\nThe urgency has been underscored by a series of recent incidents, including the breach of Finnish airspace by a Russian aircraft over the Gulf of Finland on Friday, prompting Finnish and Swedish authorities to scramble fighter jets.\n\nFinnish Defence Minister Antti Hækkenän said on his way into Monday’s meeting that Europe and NATO must take “bigger measures” and establish “stronger coordination” to counter such activities.\n\nAsked about Friday’s airspace violation, Hækkenän said the incident should serve as a catalyst for Europe to strengthen its air defences further. “We need money,” he said, adding: “We need joint procurements.”\n\nSwedish Defence Minister Pål Jonson said Russia was seeking to “scare” and “intimidate” Ukraine’s allies through hybrid attacks, but argued that the strategy would fail as the EU continued to support Kyiv and impose further restrictions on Moscow.\n\n“We welcome more measures when it comes to combating the shadow fleet, when it comes to more sanctions, more visa restrictions, and of course with more support to Ukraine,” he remarked.\n\nThe incident occurred on the same day that the Danish Defence Intelligence Service (DDIS) said the risk of Russian military action against NATO countries was growing, while describing an outright invasion as “highly unlikely” but not impossible.\n\nSpanish daily newspaper El Mundo also reported last week that Russia could be preparing a drone operation targeting Spain, France and Italy.\n\nEstonia’s newly appointed Defence Minister Martin Herem said on his way into the defence meeting that Tallinn’s priority is to continue supporting Ukraine, whether through bilateral action or further discussions on the long‑debated immobilised Russian assets.\n\n“It’s all despite the fact that the Russian Foreign Minister (Sergey Lavrov) threatened us for that, and the Russian special forces are conducting sabotage acts,” he said.\n\nMinisters are also expected to discuss the EU’s first Defence Readiness Report — described by Reuters as an assessment warning that the bloc is not rearming quickly enough to be ready to defend against Russia by 2030.\n\nThe year 2030 has been identified by various European intelligence agencies as a potential point by which the Kremlin could be prepared to launch armed aggression against NATO allies.\n\nTo reduce that risk, EU member states must address gaps in air and missile defence, ground combat capabilities, naval forces, ammunition stockpiles and drones, according to Reuters.\n\nEOF_PROCESS_END\n[edit_tool(action=’read’, path=”)]