COMMODITIES: Oil climbs as US-Iran peace progress stalls
27 april, 13:20
(Alliance News) - Oil prices continued to rise on Monday, with gold steady, as negotiations between the US and Iran appeared to stall, leaving the Strait of Hormuz closed.
A barrel of Brent oil fetched USD106.54 around midday on Monday, up from USD104.44 on Friday. West Texas Intermediate climbed to USD95.25 from USD94.56.
Oil climbed higher on Monday as the crucial Strait of Hormuz remained effectively closed.
US President Donald Trump will hold talks on the Iran war on Monday with his top security advisors, US media reported, as negotiations between the rival parties seemed to reach an impasse.
Tehran's top diplomat blamed Washington for the failure of talks in Pakistan this month, the only round of negotiations so far in a bid to end the conflict in the Middle East.
ABC News quoted two unidentified US officials as saying that Trump would meet with his key security advisors on Iran, adding that a new deal proposed by Tehran to resolve the conflict fell short of Washington's red lines.
That deal centred on reopening the Strait of Hormuz and ending a US naval blockade of the vital waterway, with nuclear negotiations postponed for a later stage, Axios reported.
XS.com analyst Samer Hasn said: "The sustained upward momentum in oil prices comes amid a lack of prospects for a decisive agreement to end the war in the Middle East, with the world largely indifferent to non-essential diplomatic developments while energy supplies remain disrupted."
Hasn said a comprehensive agreement between the US and Iran "does not appear likely in the near future" due to the "maximalist" demands of both sides and failure by the US to achieve its strategic objectives.
"This makes reaching an agreement a defeat for the United States if Iran maintains its firepower," Hasn said.
Spot gold was quoted at USD4,703.66 an ounce on Monday, down slightly from USD4,707.90 at the same time on Friday. Silver was little changed at USD75.66 an ounce from USD75.89.
The yellow metal extended its consolidation phase amid ongoing uncertainty around negotiations between the US and Iran.
FXEM analyst Abdelaziz Albogdady said: "The metal found some support from a softer US dollar after reports that Iran had submitted a new proposal to reopen the Strait of Hormuz and move toward ending the tensions. However, mixed diplomatic signals, including setbacks in planned engagements, have kept conviction low for bullion."
Albogdady added that tensions in Eastern Europe continue to sustain a "geopolitical risk premium" while continued central bank purchases reinforece its role as a strategic reserve asset.
"Looking ahead, gold’s trajectory will depend on developments in US-Iran negotiations and their impact on energy markets and inflation expectations. Any signs of progress could benefit the precious metal, while any setback could place selling pressure on the commodity," the analyst said.
Central bank decisions this week will also be closely watched by commodity traders.
The Federal Reserve, European Central Bank, Bank of Japan, Bank of Canada and the Bank of England are all due to announce policy decisions this week.
Elsewhere, platinum was priced at USD2,023.40 an ounce on Monday, firmed from USD2,002.50. Palladium retreated to USD1,480.50 an ounce from USD1,497.25.
In base metals, the copper price fell to USD13,229.85 per tonne from USD13,310.00, and aluminium climbed to USD3,642.80 from USD3,598.00.
By Michael Hennessey, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2026 Alliance News Ltd. All Rights Reserved.
COMMODITIES: Oil climbs as US-Iran peace progress stalls
27 april, 13:20
(Alliance News) - Oil prices continued to rise on Monday, with gold steady, as negotiations between the US and Iran appeared to stall, leaving the Strait of Hormuz closed.
A barrel of Brent oil fetched USD106.54 around midday on Monday, up from USD104.44 on Friday. West Texas Intermediate climbed to USD95.25 from USD94.56.
Oil climbed higher on Monday as the crucial Strait of Hormuz remained effectively closed.
US President Donald Trump will hold talks on the Iran war on Monday with his top security advisors, US media reported, as negotiations between the rival parties seemed to reach an impasse.
Tehran's top diplomat blamed Washington for the failure of talks in Pakistan this month, the only round of negotiations so far in a bid to end the conflict in the Middle East.
ABC News quoted two unidentified US officials as saying that Trump would meet with his key security advisors on Iran, adding that a new deal proposed by Tehran to resolve the conflict fell short of Washington's red lines.
That deal centred on reopening the Strait of Hormuz and ending a US naval blockade of the vital waterway, with nuclear negotiations postponed for a later stage, Axios reported.
XS.com analyst Samer Hasn said: "The sustained upward momentum in oil prices comes amid a lack of prospects for a decisive agreement to end the war in the Middle East, with the world largely indifferent to non-essential diplomatic developments while energy supplies remain disrupted."
Hasn said a comprehensive agreement between the US and Iran "does not appear likely in the near future" due to the "maximalist" demands of both sides and failure by the US to achieve its strategic objectives.
"This makes reaching an agreement a defeat for the United States if Iran maintains its firepower," Hasn said.
Spot gold was quoted at USD4,703.66 an ounce on Monday, down slightly from USD4,707.90 at the same time on Friday. Silver was little changed at USD75.66 an ounce from USD75.89.
The yellow metal extended its consolidation phase amid ongoing uncertainty around negotiations between the US and Iran.
FXEM analyst Abdelaziz Albogdady said: "The metal found some support from a softer US dollar after reports that Iran had submitted a new proposal to reopen the Strait of Hormuz and move toward ending the tensions. However, mixed diplomatic signals, including setbacks in planned engagements, have kept conviction low for bullion."
Albogdady added that tensions in Eastern Europe continue to sustain a "geopolitical risk premium" while continued central bank purchases reinforece its role as a strategic reserve asset.
"Looking ahead, gold’s trajectory will depend on developments in US-Iran negotiations and their impact on energy markets and inflation expectations. Any signs of progress could benefit the precious metal, while any setback could place selling pressure on the commodity," the analyst said.
Central bank decisions this week will also be closely watched by commodity traders.
The Federal Reserve, European Central Bank, Bank of Japan, Bank of Canada and the Bank of England are all due to announce policy decisions this week.
Elsewhere, platinum was priced at USD2,023.40 an ounce on Monday, firmed from USD2,002.50. Palladium retreated to USD1,480.50 an ounce from USD1,497.25.
In base metals, the copper price fell to USD13,229.85 per tonne from USD13,310.00, and aluminium climbed to USD3,642.80 from USD3,598.00.
By Michael Hennessey, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2026 Alliance News Ltd. All Rights Reserved.
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