Oil prices hit a two-week high as US-Iran negotiations stalled.

World oil prices rose by about 3% on April 27, reaching their highest level in two weeks, amid stalled peace talks between the US and Iran, coupled with a significant drop in shipping activity through the Strait of Hormuz, further tightening global energy supplies.

People buy gasoline at a gas station in Slubice, Poland. Photo: THX/VNA.

Specifically, North Sea Brent crude oil prices rose $2.90 (2.8%) to $108.23 per barrel. This marks Brent's sixth consecutive day of gains, its longest streak since March 2025, and its highest closing price since April 7th. West Texas Intermediate (WTI) crude oil also rose $1.97 (2.1%) to $96.37 per barrel, its highest level since April 13th.

Bob Yawger, head of energy futures contracts at Mizuho Bank, believes that Brent crude oil prices being higher than WTI by double digits will attract customers to shift their focus to the Gulf of Mexico region, potentially pushing US crude oil exports to new record levels.

On the diplomatic front, US President Donald Trump is currently discussing a new conflict resolution proposal with senior national security advisors regarding Iran. However, Tamas Varga, an expert from PVM Oil Associates, assesses that the current stalemate means the international market will continue to face a shortage of approximately 10-13 million barrels of oil per day. He emphasizes that, given the severe supply imbalance, oil prices have only one direction: upwards.

Trade activity in the Strait of Hormuz remains extremely sluggish. In the past 24 hours, only 7 ships, mostly bulk carriers, passed through the strait—a very modest number compared to the average of 140 voyages per day before the conflict. The US blockade in recent days has also forced 6 Iranian oil tankers to turn back.

Investors are currently focusing their attention on the European Central Bank (ECB) meeting scheduled for April 30th. Traders are concerned that the uncertain outlook for negotiations and the deadlock at Hormuz will keep oil prices high, driving up inflation and forcing the ECB to raise interest rates later this year to curb price increases, potentially slowing economic growth and reducing oil demand.

In other developments in the Middle East, the ceasefire between Israel and Lebanon is showing signs of cracking. On April 27, the Israeli army began expanding its military operation in eastern Lebanon, amid concerns that the ceasefire agreement has failed to completely end military actions.

Source: https://baotintuc.vn/thi-truong-tien-te/gia-dau-cham-dinh-hai-tuan-do-dam-phan-myiran-be-tac-20260428075344748.htm