Global crude oil prices surged to their highest level in three weeks after US-Iran negotiations remained unclear amid ongoing tensions in the Strait of Hormuz, a key global oil shipping route.
On 29 April 2026, Brent crude oil, the global market benchmark, rose as much as 4.1% to $112.70 per barrel during Tuesday trading before closing at $111.26 per barrel, up 2.8%. Meanwhile, US West Texas Intermediate crude closed at $99.93 per barrel, an increase of 3.7%.
The rise in oil prices came after the US reaffirmed its "red line" in negotiations with Iran, especially regarding preventing Iran from acquiring nuclear weapons, despite US officials reviewing Iran's latest proposal.
Throughout the US-Iran conflict, Brent crude prices surged from below $60 per barrel at the start of the year to a peak of $119 after Iran blocked shipping in the Strait of Hormuz and energy infrastructure in the Persian Gulf was attacked.
Analysts said the market is closely watching peace talks signals, and the lack of progress is raising concerns the crisis may drag on. At the same time, soaring oil prices add to global inflation pressures, leading investors to expect that central banks worldwide may need to raise interest rates further to control inflation.
Source: Financial Times