Global Oil Prices Surge as Hormuz Strait Stalemate Deepens
On Monday, April 27, 2026, the international benchmark Brent Crude was trading at $101.34 per barrel, marking a 2.2% increase from the previous day. Simultaneously, the U.S. benchmark West Texas Intermediate (WTI) rose by 1.9% to reach $96.19. Over the past week, oil prices have surged by 17% and 13% respectively, recording the highest weekly increase since the onset of the current war.
Russian Deputy Prime Minister Alexander Novak stated in an interview on Sunday that even if the Strait of Hormuz is reopened, it could take several months for the global market to return to normalcy. He noted that the depth of the crisis is so severe that vast quantities of oil are failing to reach the market, with numerous tankers still stranded within the strait. Market analysts predict that prices will remain at these elevated levels in the short term due to disrupted supply chains and the slow pace of replenishing global reserves.
Meanwhile, Iran, which has maintained control over the Strait of Hormuz since the war began on February 28, has sent a new peace proposal to the United States through Pakistan. The proposal suggests establishing a permanent ceasefire and lifting blockades before initiating nuclear talks. However, U.S. President Donald Trump, speaking ahead of a meeting with national security officials on Monday, expressed a strong preference for maintaining the naval blockade on Iran. President Trump believes that continued pressure will eventually force Tehran to capitulate. This diplomatic deadlock has further fueled uncertainty in the global energy market, leaving investors and consumers on edge.
