September 28, 2026 — Brent crude prices climbed more than 2% on Monday as stalled US-Iran negotiations heightened concerns over oil supplies and the Strait of Hormuz.

Brent futures rose $2.60, or 2.49%, to $106.92 a barrel at 0803 GMT. US West Texas Intermediate crude also increased, gaining $2.08, or 2.25%, to $94.49.

The price increase came after US President Donald Trump rejected an Iranian proposal intended to resolve the conflict and reopen the Strait of Hormuz. Trump has said additional negotiations could happen this week.

At the same time, crude exports from major Middle Eastern producers rose to 12.8 million barrels per day in September, based on preliminary data from Kpler. Shipments through the Strait of Hormuz were expected to reach about 7.4 million barrels per day.

The oil market continues to face pressure from fears of supply shortages, while elevated refined-product prices are adding to broader inflation concerns.

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