financetom
World
financetom
/
World
/
Oil prices rise as no end to Iran war stand-off seems in sight
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Oil prices rise as no end to Iran war stand-off seems in sight
Apr 27, 2026 6:23 PM

BENGALURU, April 28 (Reuters) - Oil prices extended their gains on Tuesday as efforts to end the U.S.-Iran war appear stalled, with the crucial Strait of Hormuz waterway still mainly shut, keeping energy supplies from the key Middle East producing region out of the reach of global buyers. 

U.S. President Donald Trump is unhappy with the latest Iranian proposal aimed at ending the war, a U.S. official said on Monday. Iranian sources disclosed on Monday that Tehran's proposal avoided addressing its nuclear program until hostilities cease and Gulf shipping disputes are resolved.

Trump's displeasure with the Iranian offer leaves the conflict deadlocked, with Iran shutting shipping flows through the Strait of Hormuz, which typically carries supply equal to about 20% of global oil and gas consumption, and the U.S. keeping in place its blockade of Iranian ports. 

Brent crude futures for June climbed 45 cents, or 0.4%, to $108.68 a barrel as of 0051 GMT, after gaining 2.8% in the previous session to its highest close since April 7. The contract is up for a seventh day. 

U.S. West Texas Intermediate (WTI) crude for June rose 58 cents, or 0.6%, to $96.96, after gaining 2.1% in the previous session.

An earlier round of negotiations between the U.S. and Iran collapsed last week following failed face-to-face talks. 

"For oil traders, it's not the rhetoric that matters any more, but the actual physical flow of crude oil through the Strait of Hormuz, and right now, that flow remains constrained," Fawad Razaqzada, market analyst at City Index and FOREX.com, said in a note.

Razaqzada added that even if a resolution is reached, production outages and logistical challenges mean recovery could take months.

Ship-tracking data revealed significant disruptions in the region, with six Iranian oil tankers forced to turn back due to the U.S. blockade.

However, a liquefied natural gas tanker managed by the United Arab Emirates' Abu Dhabi National Oil Co did cross the Strait of Hormuz and appears to be near India, ship-tracking data showed on Monday.

Prior to the U.S.-Israeli war on Iran, which began on February 28, between 125 and 140 vessels transited the strait daily.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
MORNING BID AMERICAS-Dollar surges after central bank barrage, Apple bruised
MORNING BID AMERICAS-Dollar surges after central bank barrage, Apple bruised
Mar 22, 2024
A look at the day ahead in U.S. and global markets from Mike Dolan The U.S. dollar seems to have emerged a clear winner from the week's magical mystery tour of world central banks - with record high Wall St and world stocks getting a shot across the bow from Apple's ( AAPL ) antitrust bust. A whistle stop look...
China yuan slides to four-month low, state banks step in
China yuan slides to four-month low, state banks step in
Mar 22, 2024
(Updates to market close) SHANGHAI, March 22 (Reuters) - China's yuan declined to a four-month low against the dollar on Friday, breaching a key threshold and prompting state-owned banks to step in to defend the currency. In the spot market, the onshore yuan fell to the weak side of the psychologically important 7.2 per dollar level to hit a low...
European shares set for weekly gains; UK's Phoenix soars
European shares set for weekly gains; UK's Phoenix soars
Mar 22, 2024
* German business sentiment rises in March - Ifo * UK's Phoenix tops STOXX on upbeat outlook & results * Legal & General ( LGGNF ) up on shelving China business licence plan * STOXX 600 up 0.1% (Updated at 0918 GMT) By Shubham Batra March 22 (Reuters) - European shares were largely flat on Friday but maintained record highs...
DIARY-Europe's STOXX 600 corporate earnings week ahead
DIARY-Europe's STOXX 600 corporate earnings week ahead
Mar 22, 2024
March 22 (Reuters) - Diary of Europe's STOXX 600 (.STOXX) corporate earnings for the week ahead EUROPE'S STOXX 600 EARNINGS Company Event Name Start Date Start Time RIC Name (GMT) 25-Mar-2024 13:00 IMI.L IMI PLC IMI PLC Retail Investor Webinar 25-Mar-2024 07:00 KGF.L Kingfisher PLC Full Year 2024 Kingfisher PLC Earnings Release 26-Mar-2024 NTS HRA.MI Hera SpA Q4 2023 Hera...
Copyright 2023-2026 - www.financetom.com All Rights Reserved