Brent Rises as US Reviews Iran Proposal

2026-04-27 23:24 By Jam Kaimo Samonte 1 min. read

Brent crude futures rose above $109 per barrel on Tuesday, extending gains from the previous session as markets assessed the likelihood of a lasting ceasefire and the potential reopening of the Strait of Hormuz after Iran submitted a fresh proposal to the US.

Tehran reportedly signaled via Pakistan that hostilities could cease if Washington lifted its naval blockade, agreed to a revised framework governing transit through Hormuz, and provided assurances against future military action.

The US has expressed skepticism toward the proposal and is expected to respond with counteroffers in the coming days, with Iran’s nuclear program continuing to be a key point of contention.

Now in its ninth week, the conflict has driven energy prices higher and disrupted supply in major markets, while the International Energy Agency has cautioned about an unprecedented supply shock alongside mounting risks of a demand slowdown.



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