Oil prices surge amid mixed signals on US-Iran peace talks

play Live Sign upShow navigation menu.css-15ru6p1{font-size:inherit;font-weight:normal;}Navigation menuNewsShow more news sectionsAfricaAsiaUS & CanadaLatin AmericaEuropeAsia PacificMiddle EastExplainedOpinionSportVideoMoreShow more sectionsFeaturesEconomyHuman RightsClimate CrisisInvestigationsInteractivesIn PicturesScience & TechnologyPodcastsTravelplay Live Click here to searchsearchSign upNavigation menucaret-leftUS-Israel war on IranLive updatesUS-Iran talksStrait of Hormuz trafficIran war’s big winnersHow well do you know Iran?caret-rightEconomy|US-Israel war on IranOil prices surge amid mixed signals on US-Iran peace talksBrent crude rises more than 7 percent as Washington and Tehran offer conflicting accounts on ceasefire negotiations. xwhatsapp-strokecopylinkgoogleAdd Al Jazeera on GoogleinfoThe sun rises behind tankers anchored in the Strait of Hormuz off the coast of Qeshm Island, Iran, on April 18, 2026 [Asghar Besharati/AP]By John PowerPublished On 20 Apr 202620 Apr 2026Oil prices have risen sharply following attacks on commercial vessels in the Strait of Hormuz and conflicting messages about the prospect of renewed negotiations between the United States and Iran. Brent crude futures, the primary benchmark for global prices, jumped more than 7 percent in Asia on Monday as the outlook for peace between Washington and Tehran darkened. Prices eased somewhat later in the morning, with the benchmark at $94.69 a barrel as of 02:05 GMT, up from just under $90.40 on Friday. The latest price surge came after US President Donald Trump said US forces seized an Iranian-flagged cargo vessel that had attempted to evade the US blockade of Iran’s ports. Trump’s announcement followed reports by the United Kingdom Maritime Trade Operations (UKMTO) Centre over the weekend that two vessels came under attack while transiting the strait. Iranian gunboats fired on a tanker, while an “unknown projectile” struck a container ship, according to the UKMTO. After declaring the strait “completely open” on Friday, Tehran reversed course less than 24 hours later, citing the ongoing US blockade. Earlier on Sunday, Trump said that a US delegation would travel to Pakistan on Monday to hold a second round of ceasefire talks with Iranian officials. Iranian state news outlet IRNA later reported that Tehran would not participate in the talks, citing the US blockade and Washington’s “excessive demands” and “unrealistic expectations”. A two-week ceasefire between Washington and Tehran is set to expire on Wednesday if the sides cannot agree on an extension. An initial round of talks held in Islamabad earlier this month broke down without any agreement between the sides. Iran’s effective closure of the strait, which usually carries about one-fifth of global oil and natural gas supplies, has driven a surge in fuel prices worldwide, forcing governments to tap emergency supplies and roll out energy-saving measures. Nineteen vessels crossed the strait on Saturday, up from 10 the previous day, but far below the historical average of 138 daily transits, according to the UKMTO. Asia’s main stock markets opened higher on Monday despite the dimming prospects of de-escalation. Japan’s Nikkei 225 rose more than 1 percent in morning trading, while South Korea’s KOSPI gained about 1.3 percent. Hong Kong’s Hang Seng Index rose about 0.5 percent, while the SSE Composite Index in Shanghai gained more than 0.4 percent. Advertisement AboutAboutShow moreAbout UsCode of EthicsTerms and ConditionsEU/EEA Regulatory NoticePrivacy PolicyCookie PolicyCookie PreferencesAccessibility StatementSitemapWork for usConnectConnectShow moreContact UsUser Accounts HelpAdvertise with usStay ConnectedNewslettersChannel FinderTV SchedulePodcastsSubmit a TipPaid Partner ContentOur ChannelsOur ChannelsShow moreAl Jazeera ArabicAl Jazeera EnglishAl Jazeera Investigative UnitAl Jazeera MubasherAl Jazeera DocumentaryAl Jazeera BalkansAJ+Our NetworkOur NetworkShow moreAl Jazeera Centre for StudiesAl Jazeera Media InstituteLearn ArabicAl Jazeera Centre for Public Liberties & Human RightsAl Jazeera ForumAl Jazeera Hotel PartnersFollow Al Jazeera English: