Brent Crude Climbs Above $108, WTI Above $96 as Hormuz Strait Remains Closed and US-Iran Talks Stall

Gate News message, April 27 — Brent crude oil climbed above $108 per barrel while WTI crude (West Texas Intermediate, the U.S. benchmark) surged past $96 in volatile trading as the Strait of Hormuz remains effectively closed. The price gains reflect both immediate supply disruptions and stalled diplomacy between the United States and Iran.

U.S. President Donald Trump instructed negotiators to suspend discussions, prompting Iran's President Masoud Pezeshkian to reject engagement under what he called threatening and blockade conditions. However, Iran submitted a new proposal through Pakistani mediators suggesting an extended ceasefire and delayed nuclear talks until the blockade is lifted. Meanwhile, Iran's Foreign Minister Abbas Araghchi traveled to Russia for talks with Vladimir Putin, signaling efforts to build international support. The conflict has now entered its ninth week, with the International Energy Agency describing it as the largest energy supply shock on record.

Oil markets remain focused on two key developments: shipping conditions in the Hormuz Strait and any shift in diplomatic tone. Traders continue to monitor intermediary communications between both sides, though direct engagement remains limited. Higher crude prices are feeding into inflation expectations globally, raising concerns about economic growth impacts.