Trump says he rejected Iran's Hormuz reopening proposal but now expects further talks; crude futures pared Sunday gains on the more dovish follow-up
What happened
On Saturday, Sept 26, President Trump said he rejected Iran's latest proposal to reopen the Strait of Hormuz and restart nuclear talks within seven days, calling it 'unacceptable' and saying Tehran is 'losing so badly' it is desperate for a deal; the proposal required the U.S. to lift its naval blockade of Iranian ports, waive oil sanctions, and release frozen assets. In a softening Sunday follow-up, Trump told Axios he expects U.S. negotiators to hold more talks with Iran this week, saying 'They want to make a deal, but it is not the deal that I want to make... They overplayed their hand,' and he claimed more than 20 million barrels of oil had moved through the strait over the weekend with U.S. military assistance. Sunday night U.S. stock futures fell (Dow -0.30%, S&P 500 -0.33%, Nasdaq-100 -0.60% as of 10:40 p.m. ET) while Brent climbed back above $100; the next day crude jumped roughly 3% toward $108 before paring gains to settle at $105.28 for Brent and $92.60 for WTI as traders priced in expectations of Qatari-mediated talks with both sides.
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- Oil majors (Exxon, Chevron) and energy equities benefit from the higher crude risk premium; refiners (Valero, Marathon Petroleum) face record input costs. U.S. index futures (Dow, S&P 500, Nasdaq-100) slid in Sunday overnight trading on the hawkish headline, with rate-sensitive AI/chip names (Intel, Marvell, Sandisk) under added pressure from rising yields. Airlines and trucking/shipping firms (United, Delta, FedEx, UPS) gain some relief if the dovish follow-up eases the supply premium. Precious-metals miners were volatile as surging yields weighed on gold and silver.