Global oil prices rose amid expectations of further steps in peace negotiations between the US and Iran, while the Strait of Hormuz remains almost completely blocked. This was reported by Bloomberg, according to UNN.
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West Texas Intermediate oil futures rose by 3.7% on Tuesday, while Brent closed at $111.26 per barrel. The market is reacting to signals regarding a possible easing of tensions, but at the same time, it is factoring in serious disruptions in energy supplies.
The blockade of the strait is putting pressure on the market and reinforcing inflationary risks
Since the start of the war in late February, the Strait of Hormuz, through which a significant portion of global oil and gas supplies pass, has effectively become impassable. This has caused a sharp reduction in exports and pushed prices upward, sparking fears of a global inflationary crisis.
Russia's oil exports rose to a maximum in over a month - Bloomberg28.04.26, 19:24
US President Donald Trump stated that Iran has requested the lifting of the naval blockade as part of negotiations to end the war. Against this backdrop, traders are closely monitoring the development of diplomatic contacts, which could determine future market dynamics.