Oil prices rose after President Trump rejected Iran's proposal to reopen the Strait of Hormuz within seven days, diminishing hopes for an immediate resolution over the strategic shipping route. November Brent crude futures moved above $106 a barrel and U.S. West Texas Intermediate crude topped $94, while U.S. diesel remained near record highs. Iranian Foreign Minister Abbas Araghchi proposed reopening Hormuz and resuming nuclear negotiations if the U.S. lifted its naval blockade, ended sanctions on Iranian oil sales and restored a regional ceasefire. Trump confirmed on the 26th that he had rejected the offer, but said on the 27th that he expected negotiations to resume within the following week. U.S. and Iranian representatives are expected to hold another round of Qatar-mediated talks on the 28th or 29th. The discussions are set to focus on revising Tehran's proposal, following indirect talks in New York on the 22nd involving U.S. special envoy Witkoff, Trump's son-in-law Kushner and Araghchi during the United Nations General Assembly.