Oil Climbs Above $110 as Iran Impasse Pressures Markets, Stocks Drift Lower

Crude prices advanced as traders priced in prolonged disruption risk tied to Strait of Hormuz.

Stock market numbers are displayed as traders work on the floor of the New York Stock Exchange in New York City on April 2, 2026. Michael M. Santiago/Getty Images

Oil prices climbed above $110 a barrel and global stocks wavered on April 28 as investors assessed an impasse in the U.S.–Iran conflict amid uncertainty over a new Iranian proposal and continued Strait of Hormuz disruptions.

Brent crude rose by 2.7 percent to $111.20 a barrel, a three-week high, while U.S. crude increased by 2.9 percent to $99.10.