Oil prices rose sharply on Monday as prospects for renewed U.S.-Iran talks faded and supply routes remained under pressure, according to Reuters. Brent crude climbed nearly 3% to $108.36 per barrel, its highest level in three weeks, while U.S. West Texas Intermediate rose to $96.85.
The report said both benchmarks had already posted strong gains last week, driven by ongoing tensions linked to the Iran conflict.
Energy prices keep rising with no sign of progress toward a deal to end the U.S.-Iran standoff and Hezbollah rejecting the Lebanon ceasefire. https://t.co/7B2FNTUxQE
— CBS News (@CBSNews) April 27, 2026
Hopes for diplomatic progress weakened after President Donald Trump said he would not send envoys to Pakistan for further talks. He cited confusion within Iran’s leadership and said negotiations had been unproductive.
Trump maintained that the United States holds a strong position and signaled that Iran must initiate any future engagement.
The continued strain on energy flows through the Strait of Hormuz has further supported rising prices.
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