Story perspectives

Trump Rejects Iran’s Hormuz Plan, Oil Near $109

By Drooid · Sep 28, 2026, 11:56 PM UTC · How we work

Summary

Story summary

U.S. President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz, pushing oil near $109 per barrel.
Brent crude rose to $107.3 a barrel while WTI climbed to $95.1 a barrel.
Ten-year U.S. Treasury yields jumped to 5.27%, the highest level since mid-June 2007.
Nvidia announced a record $150 billion share-buyback, lifting its stock about 2%.
Mortgage rates on 30-year loans rose above 7%, the highest since 2021.

History

Historical Context

During the October 1973 OAPEC oil embargo—prompted by U.S. support for Israel—the price of crude jumped from $3 to $12 per barrel, sparking a stock-market crash and Nixon’s energy-independence drive. Decades later, President Donald Trump’s rejection of Iran’s Hormuz-reopening offer echoes Nixon’s hardline stance, underscoring how geopolitical oil shocks still shape policy.

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Story summary

U.S. President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz, pushing oil near $109 per barrel.
Brent crude rose to $107.3 a barrel while WTI climbed to $95.1 a barrel.
Ten-year U.S. Treasury yields jumped to 5.27%, the highest level since mid-June 2007.
Nvidia announced a record $150 billion share-buyback, lifting its stock about 2%.
Mortgage rates on 30-year loans rose above 7%, the highest since 2021.

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