Oil jumps as US–Iran talks stall, Hormuz tanker squeeze

NEW YORK: Oil prices climbed early on Monday (April 27, 2026) after renewed geopolitical tensions between Iran and United States stalled peace talks and contributed to continued disruption of shipments through the strategically vital Strait of Hormuz, traders and analysts said.

As of 8.20am Tokyo time, Brent crude futures rose nearly 2% and US West Texas Intermediate crude was up roughly the same, both benchmarks hitting multi-week highs, as markets priced in the risk of sustained supply constraints tied to the standoff.

Iran’s refusal to move forward in negotiations and its repeated threats to restrict tanker traffic in the narrow Hormuz Strait have kept the waterway effectively closed for much of the past month.

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