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2026.04.2706:32:07UTC+00Brent Gains as Middle East Disruptions Persist

Brent crude futures rose above $107 per barrel in volatile trading on Monday, as the Strait of Hormuz remained effectively closed amid stalled US–Iran peace talks. US President Donald Trump ordered negotiators to suspend discussions, while Iranian President Masoud Pezeshkian reiterated that Tehran would not enter into “imposed negotiations under threats or blockade.”

The conflict with Iran has now entered its ninth week, triggering what the IEA has described as the largest energy supply shock on record, amplifying inflationary pressures and darkening the global growth outlook.

At the same time, reports indicated that Iran had submitted a new proposal to the US aimed at reopening the Strait of Hormuz and easing tensions. The proposal, reportedly conveyed through Pakistani mediators, calls for extending the ceasefire to allow progress toward a lasting settlement, while deferring nuclear talks until the US blockade of the strait is lifted.

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