US-Iran Tensions Heat Up, Oil Prices Surge Again
JAKARTA, KOMPAS.com - Oil prices rose again on Tuesday (28/4/2026) as investors monitored new signals from negotiations between the United States (US) and Iran. Uncertainty over the potential easing of tensions between the two countries kept the market on edge.
Overall, US President Donald Trump and his national security team have discussed a proposal from Tehran to reopen the Strait of Hormuz.
The price of West Texas Intermediate (WTI) crude futures rose 1.13% to $97.46 US per barrel at 01.00 local time.
Meanwhile, the price of Brent crude, the international benchmark, rose 1.20% to $109.53 US per barrel.
At the start of last week, Brent oil prices rose more than 3% to over $109 US per barrel on Monday before dipping slightly again.
One of the conditions put forward by Iran is that the US must lift the blockade and end hostilities.
White House Press Secretary Karoline Leavitt explained that Trump has not yet given certainty regarding the proposal, which is believed to be able to ease the conflict that has been ongoing since the beginning of the year.
“I can confirm that the president met with his national security team this morning,” she said, quoted from CNBC, Tuesday (28/4/2026).
President of Lipow Oil Associates, Andy Lipow, estimated that this disruption encompasses around 20 million barrels per day of crude oil, fuel, and petrochemicals.
Lipow even revealed that if the conflict ends in the near future, restoring normal market conditions would take months.
That time is needed to clear mines, reduce tanker congestion, and gradually restart production and refining.
Taking into account delivery and distribution delays, he estimated it would take at least four to six months for the oil market to stabilise.
This is further compounded by the likelihood that prices will remain high during that period because supplies are approaching critical levels.
“The longer the conflict lasts, the higher the prices, especially as supplies dwindle to critical operational levels. If the conflict ends tomorrow, crude oil prices are expected to drop by $10 US per barrel,” he added.
Lipow revealed that without new negotiations, WTI crude oil prices would rise back to $100 US, while Brent crude would exceed $110 US.