Crude back above $110 on Strait stalemate fears

Author: AyobamiPublished on: April 28, 2026Country: United States

Business & Economy

Crude back above $110 on Strait stalemate fears

Oil prices jumped on Tuesday, climbing back above $110 per barrel due to a lack of progress in reopening the Strait of Hormuz. US President Donald Trump has not confirmed whether he will accept Iran's proposals to end the two-month conflict. The United Arab Emirates announced its withdrawal from OPEC and OPEC+ effective May 1, a strategic decision that could weaken the organization in the long term.

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