Oil Rises on Elusive Peace Deal Outlook, Iran Gunboat Attacks

President Donald Trump posted on social media that he would extend the ceasefire with Iran, after plans for diplomatic talks between the two countries were scrapped. Joe Mathieu reports on “Bloomberg The Close.”Source: Bloomberg

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By Mia Gindis, Grant Smith, and Charles Gorrivan

April 21, 2026 at 10:01 PM UTC

Updated on

April 22, 2026 at 7:51 PM UTC

Oil rose as peace negotiations between the US and Iran stalled, with both sides using blockades of the vital Strait of Hormuz to try and gain leverage in a seven-week war that has upended global energy markets.

Brent futures settled above $101 a barrel in New York, the highest in two weeks, amid conflicting reports about plans to reschedule peace talks which have ultimately failed to materialize. Washington and Tehran remain deadlocked on several key issues, including the Islamic Republic’s nuclear capabilities and Israel’s invasion of Lebanon.