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Mon, 27 Apr 2026

Mon, 27 Apr 2026 Oil prices rise as US-Iran peace talks stall

President Trump said on Saturday that the US had cancelled plans to send a team to Pakistan for negotiations.
Oil prices rose on Monday morning in Asia due to concerns over the stalled peace talks between the US and Iran. Brent crude increased by 1% to $106.50 (£78.66) per barrel, while US-traded crude rose by 1% to $95.40. The escalation of tensions comes after President Trump canceled plans to send a team to Pakistan for negotiations with Iranian counterparts on Saturday. Global energy supplies have been under pressure since the Iran war began, particularly as the Strait of Hormuz waterway remains closed due to Iranian threats against ships. Despite this, traders seem less reactive to the latest headlines, waiting for concrete evidence that the conflict is easing. Iranian Foreign Minister Seyed Abbas Araghchi said on Sunday that discussions were ongoing with Oman regarding safe transit through the strait. Meanwhile, global energy supplies remain under threat as around 20% of the world's crude oil and LNG passes through the Strait of Hormuz. Brent crude has risen by over 10% since Trump announced last week that he would extend a ceasefire with Tehran to give its leadership a chance to present a "unified proposal". Economics lecturer Goh Jing Rong said traders want credible evidence of the conflict easing, rather than just a fragile and reversible ceasefire agreement. Major Asian indexes continued to climb on Monday, with some hitting new record highs after falling sharply at the start of the conflict. The US President's decision to cancel plans for peace talks has sparked speculation that tensions between Washington and Tehran are unlikely to ease anytime soon.