Brent Rallies on US–Iran Uncertainty

2026-04-28 06:13 By Jam Kaimo Samonte 1 min. read

Brent crude futures climbed above $111 per barrel on Tuesday, advancing toward levels last seen in March as stalled efforts to end the US–Iran conflict and reopen the Strait of Hormuz kept markets on edge.

US President Donald Trump was reportedly dissatisfied with Iran’s latest proposal, with Tehran’s nuclear program remaining a central point of contention in negotiations.

Iran conveyed through Pakistan that hostilities could cease if Washington lifted its naval blockade, agreed to a revised framework for transit through Hormuz, and provided assurances against future military action.

Now in its ninth week, the conflict has pushed energy prices higher and disrupted supply across key markets, while the International Energy Agency has warned of an unprecedented supply shock alongside rising risks of a demand slowdown.

Flows through the Strait of Hormuz, typically accounting for roughly 20% of global energy consumption, remain effectively halted, sustaining upward pressure on prices.



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Brent Rallies on US–Iran Uncertainty
Brent crude futures climbed above $111 per barrel on Tuesday, advancing toward levels last seen in March as stalled efforts to end the US–Iran conflict and reopen the Strait of Hormuz kept markets on edge. US President Donald Trump was reportedly dissatisfied with Iran’s latest proposal, with Tehran’s nuclear program remaining a central point of contention in negotiations. Iran conveyed through Pakistan that hostilities could cease if Washington lifted its naval blockade, agreed to a revised framework for transit through Hormuz, and provided assurances against future military action. Now in its ninth week, the conflict has pushed energy prices higher and disrupted supply across key markets, while the International Energy Agency has warned of an unprecedented supply shock alongside rising risks of a demand slowdown. Flows through the Strait of Hormuz, typically accounting for roughly 20% of global energy consumption, remain effectively halted, sustaining upward pressure on prices.
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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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