Oil prices rise above $100 on stalled US–Iran peace talks

Oil prices extended gains on Thursday, April 23, 2026, rising more than $1 ‌in the wake of stalled peace talks between Iran and the United States.

Both nations maintained restrictions on the flow of trade through the Strait of Hormuz.

Brent crude futures rose $1.26, or 1.2%, to $103.17 a barrel at 0630 GMT, after settling above $100 for the first time in ​more than two weeks on Wednesday.

West Texas Intermediate futures were also up $1.20, or 1.3%, at $94.16.

Both benchmarks closed ​more than $3 higher on Wednesday after larger-than-expected gasoline and distillate stock draws in the U.S., and ⁠over the lack of progress on Iran peace talks.

ING analysts said: “The oil market is repricing expectations with little sign of progress in ​finding a resolution in the Persian Gulf.

“In addition, Iran’s seizure of two vessels attempting to transit the Strait of Hormuz suggests disruptions to shipments are set to continue.”

While United States President Donald Trump extended a ceasefire between the countries following a request by Pakistani mediators, Iran and the U.S. are still restricting ​the transit of ships through the strait, which carried about 20% of daily global oil supplies until the war began on ​February 28.

Iran seizes vessels in Hormuz after Trump extends ceasefire

Iran seized two ships in the waterway on Wednesday, tightening its grip on the strategic chokepoint.

Trump has also maintained a U.S. Navy ‌blockade ⁠of Iran’s trade by sea, and Iranian parliament speaker and top negotiator Mohammad Baqer Qalibaf said a full ceasefire only made sense if the blockade was lifted.

The U.S. military has intercepted at least three Iranian-flagged tankers in Asian waters and is redirecting them away from positions near India, Malaysia and Sri Lanka, shipping and security sources told Reuters on Wednesday.

With his extension of the ​ceasefire on Tuesday, Trump again ​pulled back at the ⁠last moment from warnings to bomb Iran’s power plants and bridges.

White House press secretary Karoline Leavitt told reporters that Trump has not set an end date for the extended ceasefire.