ReportedShipping, energy & marketsGlobal oil market
Brent crude rises above $107 a barrel after Trump rejects Iran's Hormuz proposal
- Mountain Time
- Local time
- 7:59 AM UTC
- Where
- Global oil market
Brent crude rose more than 3% in Asian trading, nearing $108 a barrel before easing to $107.35 shortly before 08:00 GMT, according to Al Jazeera. The move followed President Donald Trump's rejection of Iran's proposal to reopen the Strait of Hormuz within seven days.
Why it matters
A sustained move above $107 raises fuel-import costs and signals traders see no immediate restoration of normal Hormuz oil flows.
Source
- Al Jazeeraaljazeera.comPublished
Confidence: Published by a named news organization. Not yet independently confirmed. About confidence labels