Bengaluru 28 April 2026 (The Capital Post) – Oil prices extended their upward trend as the ongoing stand-off in the Iran conflict shows no signs of resolution, tightening global supply and fuelling market uncertainty.
Benchmark crude prices rose further, with Brent crude trading above US$108 per barrel while US West Texas Intermediate hovered near US$97, marking continued gains driven by geopolitical tensions.
The prolonged conflict has severely disrupted shipments through the Strait of Hormuz, a critical route that typically handles around one-fifth of global oil and gas flows. Reduced tanker traffic and blockades in the region have significantly constrained supply, pushing prices higher.
Efforts to reach a diplomatic solution remain stalled, with no clear progress in negotiations between the United States and Iran. Analysts said the lack of breakthrough has heightened fears of prolonged disruption, with markets reacting to the uncertainty surrounding future supply conditions.
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The supply squeeze has been further compounded by limited shipping activity and logistical challenges, as some vessels are unable to pass through key routes while others are rerouted, increasing costs and delays.
Market watchers warned that even if an agreement is eventually reached, restoring normal supply flows could take time due to infrastructure disruptions and operational constraints.
The continued rise in oil prices is expected to have broader economic implications, including inflationary pressures and increased costs for energy-dependent industries worldwide, as the global market remains highly sensitive to developments in the Middle East.-The Capital Post