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      US-Iran peace plan deadlock pushes up oil prices

      US President Donald Trump has rejected an Iranian peace proposal, as Iran’s top leadership acknowledged it attended the UN General Assembly in New York to pursue peace.

      The plan would reopen the Strait of Hormuz to commercial shipping within seven days, in exchange for the US lifting sanctions on Tehran.

      The deadlock pushed Brent crude futures up 1.74 percent to $106.20 a barrel at 03:15 GMT on Monday. WTI crude was trading at $93.34 a barrel, up 1.01 percent.

      Trump said the US already had “total control of the strait, with massive amounts of oil passing through it”.

      Iran’s foreign minister Abbas Araghchi said on Friday in New York that Tehran had conveyed a concrete seven-day plan via Qatar, and that the strait could be opened “if the necessary conditions are met”.

      Further reading:

      Araghchi said in a social media post that the Iranian delegation did not come to New York to seek war, but to forge peace.

      “Iran nonetheless remains steadfast in the face of any aggression – even if it comes to an apocalyptic war. At the same time, we are ready for real diplomacy,” he said.

      Saudi Arabia said on Saturday morning that it had intercepted two ballistic missiles launched by the Yemeni Houthis towards Khamis Mushait and two drones launched towards Riyadh, the state-run SPA news agency reported. Khamis Mushait is home to the kingdom’s King Khalid airbase.

      Meanwhile, crude oil exports from Middle East producers, led by Saudi Arabia and the UAE, rose to nearly 13 million barrels per day in September — the highest level since the war began on February 28 — Reuters reported, citing preliminary data from Kpler.

      Gulf stock markets ended mixed on Sunday.

      Saudi Arabia’s main index led with a 0.8 percent rise, while Bahrain and Kuwait edged up marginally. Qatar closed 0.3 percent lower, while Oman dipped 0.1 percent.


      Source: AGBI
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