On Monday, April 27, oil prices rose by more than 1% after peace talks between the US and Iran reached an impasse, while shipping through the Strait of Hormuz remained restricted, keeping tensions high in the global oil supply market.
It was reported by Ekonomichna Pravda, citing Reuters.
The report states that Brent futures rose by USD 1.35, or 1.3%, to USD 106.68 per barrel, retreating from an early morning gain of more than USD 2 per barrel.
US West Texas Intermediate crude traded at USD 95.35 per barrel, up 95 cents, or 1%.
Last week, Brent and WTI rose by nearly 17% and 13%, respectively.
This marked the largest weekly gain since the start of the war.
It is noted that hopes for a resumption of peace efforts faded over the weekend after US President Donald Trump canceled the planned trip of his envoys Steve Witkoff and Jared Kushner to Islamabad, even despite the arrival in Pakistan of Iranian Foreign Minister Abbas Araghchi.
“President Trump’s recent post calling for any Iranian boat laying mines in the Strait of Hormuz to be shot to sink, as well as his statements about full control over Hormuz, continue to fuel a high military premium in prices,” said Phillip Nova analyst Priyanka Sachdev.
Tehran has largely blocked the strait, while Washington has imposed a blockade on Iranian ports. Traffic through the Strait of Hormuz remained limited: on Sunday, only one tanker carrying petroleum products entered the Gulf, according to Kpler data.
As the Ukrainian News agency earlier reported, on Monday, April 20, oil prices jumped by more than 5% amid fears that the ceasefire between the United States and Iran could collapse after the US seized an Iranian cargo ship.
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