Oil prices jump 3%, Brent closes above $111

Oil drilling rigs

Oil prices rose at the close of trading on April 28 following reports that the US president was unhappy with Iran's latest proposal to reopen the Strait of Hormuz and end the war.

Brent crude futures for June delivery rose 2.80%, or $3.03, to $111.26 a barrel. WTI crude oil futures for June delivery also rose by 3.69%, or $3.56, to $99.93 a barrel.

This leap comes after the New York Times quoted informed sources as saying that US President Donald Trump had informed his advisors of his rejection of the Iranian proposal, which included reopening the Strait in exchange for lifting the naval blockade, while postponing discussion of the nuclear file to a later time.

For his part, US Secretary of State Marco Rubio expressed deep skepticism about the Iranian offer, stressing in an interview with Fox News that Washington would not tolerate a regime that tries to "normalize" Tehran's control over an international waterway and impose fees for passage through it.

On the ground, energy flows through the Strait of Hormuz remain almost completely halted, with approximately 20 million barrels per day of crude oil, fuel, and petrochemical supplies from the Middle East disrupted, according to estimates by Andrew Lipow, president of Lipow Oil Associates.