Brent Crude Tops $112

2026-04-28 11:27 By Joana Taborda 1 min. read

Brent crude futures surged nearly 3% to $112 a barrel on Tuesday, extending gains for a seventh consecutive session and reaching their highest level in about a month.

Traders are closely awaiting US President Trump’s response to Iran’s latest proposal to end the conflict and reopen the Strait of Hormuz.

However, reports suggest Trump is dissatisfied with the offer, as Tehran’s nuclear programme remains a key sticking point in negotiations.

Although a ceasefire has largely held since early April, mutual blockades by Iran and the US have reduced traffic through the Strait of Hormuz to near zero.

The passage typically accounts for around 20% of global energy flows, amplifying concerns over supply disruptions.

Now in its ninth week, the conflict has driven energy prices sharply higher and strained supply across major markets.

The International Energy Agency has warned of a potential unprecedented supply shock, alongside growing risks of a slowdown in global demand.



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