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WTI rises toward $95 as Trump rejects Strait of Hormuz reopening

WTI was trading at $94.60 per barrel, up nearly 3.5% on the day, while ship tracking data showed Hormuz traffic at 12.8 million barrels per day in September.

Reported · Written up by our desk · Energy

Oil prices rose on Monday after US President Donald Trump rejected a proposal from Tehran to cease hostilities and reopen the Strait of Hormuz. FXStreet reported that Trump refused the latest plan and said the United States would resume attacks on Iran after the US midterm elections.

WTI was trading around $94.60 per barrel at the time of writing, up nearly 3.5% on the day so far. FXStreet also noted that Trump said the US was “winning tremendously” and that “massive amounts of Oil” are moving through the key chokepoint.

According to ship tracking data cited by FXStreet, oil traffic through Hormuz increased to 12.8 million barrels per day in September, the highest level since the war began on February 28. The outlet said that is still far below the roughly 20 million barrels per day average that crossed the waterway before the war started.

Latest closeWTI crude $92.44 ▼2.3%

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