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Oil Rises as Stalled US-Iran Peace Talks Keep Hormuz Shut
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April 27, 2026
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3:40Now PlayingJason Bordoff, Founding Director of the Center on Global Energy Policy at Columbia University, discusses the state of play in the energy market as US, Iran talks remain stalled.
Oil rose after efforts to resume peace talks over the Iran war stalled, leaving the Strait of Hormuz almost impassable and prolonging the supply disruption that has roiled global markets.
Brent futures gained 1.7% to trade above $107 a barrel, after earlier increasing as much as 3%. Axios reported Tehran offered the US a fresh proposal to open the strait. Over the weekend, President Donald Trump canceled a planned trip by his top envoys to Pakistan, which is mediating talks, while Iran said it won’t negotiate if it’s being threatened.
A ceasefire has mostly held since early April, but shipping blockades by both the US and Iran have cut daily transits through the Strait of Hormuz to near zero. The supply shock has choked off supplies of crude, fuel, natural gas and fertilizers, raising concerns about an inflation crisis.
“The world is living on borrowed barrels and on borrowed time until the Strait of Hormuz reopens,” said Bjarne Schieldrop, chief commodities analyst at SEB AB in Oslo. “Alarm bells will ring loudly if the strait doesn’t reopen during May. A global recession is guaranteed if it doesn’t reopen in time.”
Iran offered the US, through Pakistani mediators, a proposal to reopen the strait and end the war, with nuclear talks postponed for a later stage, Axios reported, citing people it didn’t name including a US official. Trump is expected to hold a meeting on Monday with his top national security and foreign policy team to discuss the stalemate, it said.
The US president on Saturday told his envoys Jared Kushner and Steve Witkoff to skip the trip to Pakistan, and later told reporters that Iran “offered a lot, but not enough.” Iranian President Masoud Pezeshkian said his nation won’t enter “imposed negotiations under threats or blockade.”
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