Crude Oil Prices Rise in Global Markets, Brent Surpasses $107 a Barrel
Mian Nadeem Published September 28, 2026 | 03:48 PM
Prices rose after US President Donald Trump rejected Iran’s proposal to reopen the Strait of Hormuz within seven days.
NEW YORK, (UrduPoint / Pakistan Point News - 28th Sep, 2026) Crude oil prices rose by nearly 3% in global markets, with Brent crude surpassing $107 a barrel.
The Strait of Hormuz is considered one of the world’s key maritime routes for oil shipments.
Meanwhile, Saudi Arabia’s official news agency reported that Saudi Foreign Minister Prince Faisal bin Farhan had arrived in Washington for talks, where he will meet US Secretary of State Marco Rubio.
According to the Saudi Foreign Ministry, the two leaders will discuss bilateral relations as well as important regional and international issues. The visit comes as clashes between Saudi Arabia and Yemen’s Houthi movement have intensified.
Sources told Reuters that Saudi Crown Prince Mohammed bin Salman had requested US military assistance this month for action against the Iran-backed Houthis. However, Washington did not agree to carry out airstrikes. According to the sources, the United States agreed to provide Saudi Arabia with information and assistance in identifying targets for attacks.
US President Trump said again today that he expects the war with Iran to end very soon and that oil prices will fall significantly after the conflict ends.
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