Global Oil Prices Rise 2 Percent as US-Iran Negotiation Stalemate Sparks Supply Concerns

SINGAPORE - Global oil prices strengthened at the start of Asian trading on Monday (27/4/2026). The rise occurred after peace talks between the United States and Iran reached a deadlock.

Citing Reuters, Brent crude oil prices rose more than 2 percent. Prices briefly touched a three-week high of $107.97 US per barrel.

The increase was triggered by the failure to reach an agreement to reopen the Strait of Hormuz. This route serves as the main pathway for global energy shipments.

The ceasefire has indeed halted major battles. Tensions continue to simmer in the region.

Global financial markets showed mixed movements. S&P 500 futures contracts fell 0.3 percent. The decline followed a record high close at the end of last week.

The US dollar strengthened slightly against major currencies. The euro fell 0.15 percent to 1.1706 US dollars. The Japanese yen weakened to 159.53 per US dollar.

The negotiation deadlock is evident from the US government’s actions. Plans to send envoys for talks in Islamabad were cancelled.

US President Donald Trump stated that communication channels with Iran remain open.

“If they want to talk, they can come to us, or they can call us. You know, there’s a phone. We have secure communication lines,” Trump said.

“They know what needs to be in the deal. Very simple: they must not have nuclear weapons, otherwise there’s no reason to meet,” he added.

Market players are now monitoring developments in the Middle East. The risk of disruptions to global energy supplies has become a primary concern.