Oil Back Above $110 as World Awaits US Response to Iran Proposal

The White House has said US officials were discussing Iran’s latest proposal but maintained “red lines” on any deal to end the eight-week war. Bloomberg’s Laura Davison reports.Source: Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Mia Gindis, Paul Burkhardt, Charles Gorrivan, and Will Kubzansky

April 27, 2026 at 10:07 PM UTC

Updated on

April 28, 2026 at 7:07 PM UTC

Oil rose to the highest level since just before a ceasefire deal between the US and Iran, as traders await Washington’s response to a proposal from Tehran to end the war and potentially reopen of the Strait of Hormuz.

Brent crude closed above $111 a barrel while West Texas Intermediate settled up 3.7% at just under $100 a barrel. US President Donald Trump said in a social media post that Iran wants the US to remove its naval blockade of the crucial shipping route and reopen it “as soon as possible.” The closure by both the US and Iran has choked off flows of crude, natural gas and oil products, driving up energy prices and raising concerns about inflation.