Global oil prices remain high as the US considers Iran's proposal to end the war, while the Strait of Hormuz remains effectively closed. This is reported by Bloomberg, according to UNN.
Details
WTI crude is trading near $96 per barrel after rising 2.1% the previous day, while Brent has exceeded $108. US President Donald Trump held a meeting regarding Tehran's peace initiative, while emphasizing "red lines," specifically preventing Iran from creating nuclear weapons.
Hormuz Blockade and Market Impact
Despite a formal truce since the beginning of April, the blockade of the Strait of Hormuz has sharply reduced the transit of oil, gas, and petroleum products to nearly zero. This has pushed up energy prices and increased inflation risks.
Asia faces risk of prolonged fuel shock due to Middle East crisis28.04.26, 04:14
There is still an expectation that flows will begin to normalize during May and June, which has helped to somewhat contain prices. But time is running out. Every day tightens the physical balance, erodes buffers, and increases the risk of a more exaggerated spike
Negotiations Ongoing
According to media reports, Iran is ready to end the conflict on the condition of lifting the naval blockade and guarantees of no new attacks. At the same time, Washington is skeptical of the proposal but does not rule out further negotiations and the preparation of counter-proposals.
The final decision could affect both the stabilization of the energy market and future price dynamics.