Oil climbs after breakdown in U.S.-Iran negotiations

April 27, 2026 (MLN):  Oil prices climbed  after renewed efforts to restart peace negotiations between the United States and Iran broke down once again.

Currently, Brent crude futures are up by $1.30, or 1.23%, to $106.63 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures are up by $0.89 or 0.94%, to $95.29 per barrel by [9:49 am] PST.

Tensions in the region were further heightened by reports that Iran’s Revolutionary Guard boarded two cargo vessels near the strategically critical Strait of Hormuz, a key global shipping route, according to CNBC.

Meanwhile, Donald Trump on Saturday said that he had cancelled plans to send U.S. envoy Steve Witkoff and Jared Kushner to Islamabad for talks with Iranian officials.

In a post on Truth Social, Trump cited internal disarray within Iran’s leadership as a key reason for the decision. “Too much time wasted on traveling, too much work,” he wrote, adding that there is “tremendous infighting and confusion” within Iran’s leadership.

“Nobody knows who is in charge, including them,” he said, while asserting that the U.S. holds the upper hand in any potential negotiations.

On the Iranian side, Foreign Minister Abbas Araghchi traveled to Islamabad over the weekend but held discussions only with Pakistani officials before departing.

Copyright Mettis Link News