Sep 28, 2026
HONG KONG — Oil prices spiked with bond yields Monday as Donald Trump's rejection of an Iranian offer of a seven-day truce stoked inflation concerns, while stocks were mixed as traders look ahead to the release of key US data. Tehran last week set out a plan at the UN General Assembly for a halt in hostilities that would see the Strait of Hormuz reopened, which would ease a crippling supply crisis that has jacked up costs around the world. The waterway is key to the world's energy supply and is now central to the conflict between the US and Iran, particularly with Houthis seizing Yemen's entire Red Sea coast, including the Bab al-Mandab Strait, a vital shipping lane. However, the US president told reporters outside the White House "I reject their proposal". Still, he told Axios that he expects negotiations to resume. "They want to make a deal, but it is not the deal that I want to make," he told the news platform. "It is what we would have maybe agreed to a year ago." "They overplayed their hand," Trump added, in the interview published Sunday. Citing sources familiar with the matter, Axi
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