Oil Prices Rise as Stalled Iran Talks Stoke Supply Fears

Limited shipping traffic through the Strait of Hormuz has become a central driver of market anxiety over tightening oil supplies.

The fuel price display board at a service station in Mazères-Lezons, Nouvelle-Aquitaine, France, on April 14, 2026. Quentin Top/Hans Lucas/AFP via Getty Images

Oil prices climbed sharply on April 27 as stalled U.S.–Iran peace efforts and continued disruptions in the Strait of Hormuz heightened concerns about prolonged supply shortages.

Brent crude rose by $3, or about 2.9 percent, to $108.36 per barrel, reaching its highest level in three weeks, while U.S. West Texas Intermediate (WTI) gained $2.45, or 2.6 percent, to $96.85 per barrel.