US-Iran war news LIVE: Oil prices gain as Hormuz impasse continues after Tehran refuses to soften demands

US-Iran war news LIVE: US President Donald Trump on Sunday (local time) expressed confidence that Washington will win the conflict with Tehran “very soon,” adding that fresh military strikes ahead of the US midterms are “possible.”

US-Iran war news LIVE: US President Donald Trump on Sunday (local time) expressed confidence that Washington will win the conflict with Tehran "very soon," adding that fresh military strikes ahead of the US midterms are "possible." He made these remarks to Fox News on the sidelines of the PGA Tour Presidents Cup and noted that an end to the confrontation would bring global oil prices to fall sharply, reiterating that denying Tehran a nuclear weapon is the primary American objective. Trump said, "I think what's going to happen is we're going to win this war very soon, and as soon as we win it, the oil will go down, way down to what it was before the war."

Oil prices gain as Iran refuses to soften demands to reopen Strait of Hormuz

Oil prices rose again after Iran said it wouldn't soften demands to reopen the Strait of Hormuz after Trump rejected the seven-day ceasefire proposal to do so, dimming hopes of a speedy resumption of traffic through the strategic waterway. Brent advanced to around $106 a barrel, while West Texas Intermediate climbed above $93. Tehran’s conditions are something Washington might have agreed to about a year ago, Trump told Axios in an interview on Sunday, saying that Iran has overplayed its hand. The US president said he expects negotiations to resume this week, Axios said. Crude prices swung last week on mixed signals over the talks, recovering Middle East flows, and uncertainty over US measures to curb record diesel prices.

Gold declines as Hormuz deadlock keeps rate-hike bets elevated

Gold dropped, following a weekly decline, as an impasse over the Strait of Hormuz kept energy costs elevated and maintained pressure on the Federal Reserve to raise interest rates further to combat sticky inflation. Bullion was trading around $4,265 an ounce, after ending the previous week down more than 2%. The US-Iran conflict is entering its eighth month, with Brent crude up 70% this year. Gold has traded in a relatively narrow range between $4,230 and $4,510 an ounce this month as traders repeatedly recalibrate the outlook for Fed policy, well below a record high of almost $5,600 reached in January.

Iran refuses to soften demands after Trump rejects ceasefire proposal

Iran on Sunday (local time) stuck to its conditions for reopening the Strait of Hormuz, stating that it would not soften its demands despite US President Donald Trump rejecting the seven-day ceasefire proposal. Iranian Foreign Minister Abbas Araghchi said, "The US president has made some good remarks as well as many contradictory ones, which unfortunately we hear from him frequently."

Stay tuned to this LIVE blog for all the latest updates on the US-Iran war:

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28 Sep 2026, 07:38 AM IST

28 Sep 2026, 07:38 AM IST

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28 Sep 2026, 07:38:28 AM IST

US-Iran war news LIVE: Gold declines as Hormuz deadlock keeps rate-hike bets elevated

Gold dropped, following a weekly decline, as an impasse over the Strait of Hormuz kept energy costs elevated and maintained pressure on the Federal Reserve to raise interest rates further to combat sticky inflation.

28 Sep 2026, 07:38:28 AM IST

US-Iran war news LIVE: Oil gains as impasse over Hormuz reopening continues

Oil prices rose again after Iran said it wouldn't soften demands to reopen the Strait of Hormuz after Trump rejected the seven-day ceasefire proposal to do so, dimming hopes of a speedy resumption of traffic through the strategic waterway. Brent advanced to around $106 a barrel, while West Texas Intermediate climbed above $93.

28 Sep 2026, 07:38:28 AM IST

US-Iran war news LIVE: Trump expects pre-midterms strikes on Iran

US President Donald Trump on Sunday (local time) expressed confidence that Washington will win the conflict with Tehran "very soon," adding that fresh military strikes ahead of the US midterms are "possible."

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Swati Gandhi is a digital journalist with over four years of experience, specialising in international and geopolitical issues. Her work focuses on foreign policy, global power shifts, and the political and economic forces shaping international relations, with a particular emphasis on how global developments affect India. She approaches journalism with a strong belief in context-driven reporting, aiming to break down complex global events into clear, accessible narratives for a wide readership.<br><br> Previously, Swati has worked at Business Standard, where she covered a range of beats including national affairs, politics, and business. This diverse newsroom experience helped her build a strong grounding in reporting, while also strengthening her ability to work across both breaking news and in-depth explanatory stories. Covering multiple beats early in her career has helped her be informed about her current work, allowing her to connect domestic developments with wider international trends.<br><br> At Live Mint, she focuses on international and geopolitical issues through a business and economic lens, examining how global political developments, foreign policy decisions, and power shifts impact markets, industries, and India’s strategic and economic interests.<br><br> She holds a Bachelor’s degree in English (Honours) from the University of Delhi and a Master’s degree in Journalism and Mass Communication from Guru Gobind Singh Indraprastha University. Her academic training has shaped her emphasis on precision, analytical rigour, and clarity in writing. Her interests include global political economy and the intersection of geopolitics with business.<br><br> Outside work, Swati focuses on exploring her passion and love for food. From fancy cafes to street spots, Swati explores food like a true foodie.

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