Oil rises as Hormuz concerns offset export recovery

Oil prices were higher on Monday, September 28, as concerns about disrupted shipments through the Strait of Hormuz outweighed signs of recovering regional exports. Prices eased from session highs amid expectations of Qatar-mediated discussions between Iran and the United States, but reports did not confirm that the talks took place. Brent crude settled at $105.28 a barrel, up 96 cents, or 0.9%, while U.S. West Texas Intermediate rose 19 cents, or 0.2%, to $92.60, according to Monday’s settlement figures. Earlier in the session, prices had climbed more sharply after President Donald Trump rejected an Iranian proposal involving reopening the strait and ending hostilities. Qatari mediators were expected to hold separate discussions with Iranian Foreign Minister Abbas Araqchi and the U.S. side on Monday or Tuesday, according to an official briefed on the negotiations. The discussions were expected to address an amended version of a seven-day proposal Iran presented the previous week on the sidelines of the United Nations General Assembly.