Energy markets spike as Trump rebuffs Iran truce, US yields rise on inflation fears
LONDON, Sept 28 — Oil futures surged more than four per cent today, alongside gains for natural gas and diesel pri...
Oil and gas prices experienced significant increases on September 28, following US President Donald Trump's rejection of Iran’s proposal for a seven-day truce. Brent North Sea Crude oil rose 4.1% to $108.65 per barrel, while West Texas Intermediate crude climbed 4.2% to $96.31 per barrel. European stock markets steadied in midday trading, with European natural gas prices benefiting from market uncertainty over the ongoing conflict.
The UK's average diesel prices hit a record high of £2 (RM10.83) per litre, driven by inflation concerns. Meanwhile, gold prices declined as the stronger dollar made the precious metal more expensive for non-dollar investors. Iran proposed a ceasefire plan at the United Nations General Assembly, aiming to reopen the Strait of Hormuz, which is crucial to global energy supplies.
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