Oil Prices Surge Near $110 Amid Stalled U.S.-Iran Peace Talks
Oil Price Today (April 27): Crude oil hovers near $110 as Iran war peace talks lose momentum. What are experts saying?
The Economic TimesImage: The Economic Times
Oil prices have risen nearly 2% as U.S.-Iran peace negotiations falter, with Brent crude reaching $107.49 per barrel. Analysts warn that continued tensions could push prices to as high as $150 if hostilities resume, reflecting concerns over tight global supply.
- 01Brent crude futures increased by 2.05%, reaching $107.49 per barrel.
- 02U.S. West Texas Intermediate crude rose by 1.88%, hitting $96.17 per barrel.
- 03Goldman Sachs predicts fourth-quarter prices of $90 for Brent and $83 for WTI.
- 04Prolonged disruptions in the Strait of Hormuz could lead to prices soaring to $150 per barrel.
- 05Analysts suggest that the current ceasefire may precede further conflict, impacting oil supply.
Advertisement
In-Article Ad
On April 27, oil prices climbed nearly 2%, with Brent crude futures reaching $107.49 per barrel, the highest since early April. The rise is attributed to stalled peace talks between the U.S. and Iran and ongoing constraints in the Strait of Hormuz, a critical shipping route for oil. U.S. President Donald Trump's cancellation of a planned envoy visit to Pakistan has dampened hopes for diplomatic progress, leading to heightened concerns about global oil supply. Last week, Brent crude saw a nearly 17% increase, while West Texas Intermediate (WTI) rose close to 13%, marking significant weekly gains. Analysts from Goldman Sachs have raised their fourth-quarter forecasts, predicting Brent at $90 and WTI at $83 due to reduced output from the Middle East. Furthermore, Macquarie forecasts that crude prices could stabilize between $85 and $90 in the near term, with potential increases toward $110 if supply conditions improve. However, if tensions escalate, prices could reach as high as $150 per barrel, particularly if the Strait of Hormuz remains closed, which handles about 20 million barrels of oil per day.
Advertisement
In-Article Ad
Rising oil prices could lead to increased fuel costs for consumers and businesses, impacting transportation and production costs.
Advertisement
In-Article Ad
Reader Poll
How do you think rising oil prices will affect the economy?
Connecting to poll...
More about Goldman Sachs
Reliance Industries Shares Drop Following Q4 Earnings Report
The Economic Times β’ Apr 27, 2026
Crude Oil Prices Surge Amid US-Iran Negotiation Stalemate and Strait of Hormuz Tensions
Times Now News β’ Apr 27, 2026
Oil Prices Surge Nearly 2% Amid Stalled US-Iran Peace Talks
Business Standard β’ Apr 27, 2026
Read the original article
Visit the source for the complete story.
