27.04.202604:06:09UTC+00Oil Pares Gains on Reports of Iran Proposal

WTI crude futures pulled back toward $95 per barrel on Monday after climbing as high as $96.70 earlier in the session, following reports that Iran had submitted a new proposal to the United States aimed at reopening the Strait of Hormuz and easing regional tensions.

The proposal, reportedly relayed via Pakistani mediators, calls for extending the current ceasefire to enable talks on a permanent end to hostilities, while postponing nuclear negotiations until Washington lifts its blockade of the strait.

Earlier in the day, oil prices had spiked after US President Donald Trump ordered negotiators to halt discussions, and Iranian President Masoud Pezeshkian reiterated that Tehran would not enter into “imposed negotiations under threats or blockade.”

The conflict involving Iran has now entered its ninth week, prompting what the IEA has labeled the largest energy supply shock on record, heightening inflationary pressures and darkening the global growth outlook.