Punjab, Sept. 28 -- Brent climbed above $106 and touched $108.48 after President Trump rejected Iran's proposal to reopen the Strait of Hormuz. Tehran had offered to reopen it within seven days - with conditions.
The offer, and what it asked for
Iran's foreign minister proposed reopening Hormuz and resuming nuclear talks within a week if Washington agreed to lift the naval blockade, unfreeze Iranian assets, and end the war on all fronts.
Trump rejected it, said Tehran had overplayed its hand, and indicated he expects negotiations to resume this week anyway.
That is not a breakdown. It is an opening position being refused in public, which is a normal stage of a negotiation and an expensive one for anyone who buys oil.
Why the market mov...