Oil prices rise despite Iran’s proposal to reopen Strait of Hormuz
Oil prices rose 3 percent despite Iran's proposal to reopen the Strait of Hormuz in exchange for deferring nuclear talks with the United States. Brent crude reached $111.49 per barrel as market concerns persist over disrupted global fuel supplies. The strait has seen significantly reduced maritime traffic since the escalation of hostilities in February.
- ▪Brent crude rose 3 percent to $111.49 per barrel despite Iran's offer to reopen the Strait of Hormuz.
- ▪Iran proposed deferring nuclear negotiations with the U.S. in exchange for ending its blockade of the strategic waterway.
- ▪Maritime traffic in the Strait of Hormuz dropped to eight vessels on Sunday, down from an average of 129 daily transits before the conflict began.
- ▪The blockade has reduced global oil production by 14.5 million barrels per day, according to Goldman Sachs.
- ▪Shipping experts warn it could take months to restore energy flows even if a peace deal is reached.
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News|Oil and GasOil prices rise despite Iran’s proposal to reopen Strait of HormuzBrent crude rises 3 percent despite Iran’s offer to reopen waterway in exchange for deferral of nuclear talks.ListenListen (2 mins)SaveClick here to share on social mediashare-nodesSharefacebookxwhatsapp-strokecopylinkgoogleAdd Al Jazeera on GoogleinfoWells at the San Ardo oilfield in California, US, on March 9, 2026 [Nic Coury/AP Photo]By John PowerPublished On 28 Apr 202628 Apr 2026Oil prices are continuing to climb despite Iran’s proposal to end its blockade of the Strait of Hormuz in exchange for deferring nuclear negotiations with the United States.Brent crude, the international benchmark, rose 3 percent on Tuesday as Tehran’s offer failed to assuage traders’ concerns about the blockade of the waterway…
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