WTI Oil extends gains nearing $95.00 as Trump rejects Hormuz reopening plan

WTI Oil prices surged on Monday, reaching nearly $95.00 per barrel, as US President Donald Trump rejected Iran's proposal to end hostilities and reopen the Strait of Hormuz. The WTI benchmark is currently trading at $94.60, marking a 3.5% increase for the day. Trump vowed to resume attacks on Iran following the US midterm elections, stating that the US is "winning tremendously" in the war and that significant amounts of oil are passing through the key Strait of Hormuz.

According to Kpler ship-tracking data, oil traffic through Hormuz reached 12.8 million barrels per day in September, the highest level since the war began on February 28. However, this is still far below the pre-war average of 20 million barrels per day, raising concerns about a potential global supply shortage. Iranian foreign minister Abbas Araghchi declared the country prepared for a "doomsday" war with the US, while also expressing openness to real diplomacy.

A top Iranian military official claimed that Tehran maintains "complete control" over the Strait of Hormuz and will act decisively to prevent any passage. Deutsche Bank analysts noted that despite potential US-Iran talks resuming this week, there is little indication of a breakthrough, with bond yields and oil prices continuing to rise.