Oil prices rise as US Iran talks stall and Hormuz flows remain limited

Oil prices rose more than 1% on Monday, April 27, as peace talks between the United States and Iran stalled and shipments through the Strait of Hormuz remained constrained.

Brent futures rose by $1.35, or 1.3%, to $106.68 a barrel, while the price of WTI climbed by $0.95, or 1%, to $95.35 a barrel.

Last week Brent and WTI prices rose about 17% and 13% respectively, marking one of the strongest weekly gains since the start of the conflict with Iran.

Market-moving factors
Hope for a revival of diplomatic efforts waned over the weekend when U.S. President Donald Trump canceled planned trips to Islamabad by his envoys Steve Vitkoff and Jared Kushner, despite Iran’s Foreign Minister Abbas Araghchi arriving in Pakistan.