Oil prices spike after Trump rejects Iran truce offer

Oil prices surged after former US President Donald Trump rejected an Iranian offer for a seven-day truce. The proposal, made at the UN General Assembly, aimed to reopen the Strait of Hormuz, a vital waterway for the world's energy supply that has been effectively closed since the outbreak of war.

The Strait of Hormuz is central to the conflict between the US and Iran, with Houthis seizing Yemen's entire Red Sea coast, including the Bab al-Mandab Strait, a vital shipping lane. According to Trump, the Iranian proposal was not "acceptable" and Tehran wanted to make a deal because "they're losing so badly".

Iran's Foreign Minister Abbas Araghchi said only a "negotiated solution" can end the conflict, and Tehran is waiting for a "definitive" official US response. Trump told Axios that he expects negotiations to resume, but stated that Iran "overplayed their hand".

Brief written by urgent.news from Punch, Punch Nigeria, The Korea Times, IOL, The Chronicle Ghana — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.