Oil prices rise as U.S.-Iran talks stall and Strait of Hormuz disruptions continue

Monday, April 27, 2026Science & ClimateWell-covered3 frames

Oil prices rose as peace talks between the United States and Iran stalled and disruptions in the Strait of Hormuz continued.
On April 27, Brent crude traded above $106 a barrel and later settled around $108, while U.S. benchmark WTI traded around $95 to $96 a barrel.
By April 28, Brent had climbed further toward or above $109 and in some trading moved past $110, while WTI remained below $100.
Shipments through the Strait of Hormuz remained limited or severely disrupted, constraining global oil supply.
The Strait of Hormuz is a critical energy chokepoint: sources describe it as carrying about a fifth of the world’s oil and liquefied natural gas, which is why disruptions there affect global markets well beyond the immediate conflict zone.
The latest price gains followed a sharp weekly rally, with Brent and WTI posting their biggest weekly increases since the war began.
The diplomatic path remained uncertain after President Donald Trump canceled a planned Islamabad trip by his envoys, though mediator Pakistan said efforts to bridge gaps had not stopped.
Benchmark prices do not fully capture conditions in the physical oil market during the crisis; one analysis says refiners in some regions were likely paying more than Brent-based headline prices to secure supply.

Oil prices rose as peace talks between the United States and Iran stalled and disruptions in the Strait of Hormuz continued.
On April 27, Brent crude traded above $106 a barrel and later settled around $108, while U.S. benchmark WTI traded around $95 to $96 a barrel.
By April 28, Brent had climbed further toward or above $109 and in some trading moved past $110, while WTI remained below $100.
Shipments through the Strait of Hormuz remained limited or severely disrupted, constraining global oil supply.
The Strait of Hormuz is a critical energy chokepoint: sources describe it as carrying about a fifth of the world’s oil and liquefied natural gas, which is why disruptions there affect global markets well beyond the immediate conflict zone.
The latest price gains followed a sharp weekly rally, with Brent and WTI posting their biggest weekly increases since the war began.
The diplomatic path remained uncertain after President Donald Trump canceled a planned Islamabad trip by his envoys, though mediator Pakistan said efforts to bridge gaps had not stopped.
Benchmark prices do not fully capture conditions in the physical oil market during the crisis; one analysis says refiners in some regions were likely paying more than Brent-based headline prices to secure supply.