MW Global oil contract tops $110 after reports that Trump unhappy with proposal from Iran to end war
By Nora Redmond
CNN reported early Tuesday that President Donald Trump signaled he was unlikely to accept Iran's offer.
Oil futures climbed on Tuesday, with Brent crude reaching above $110, after reports that President Donald Trump is unhappy with Iran's offer to end the war.
The West Texas Intermediate, the U.S. benchmark, saw its June contract (CL.1) (CLM26) rise almost 3% to $98.95 a barrel, while the international Brent contract for June delivery (BRN00) climbed 2.5% to $111.11 a barrel.
The advance comes as investors will quickly be losing hope that the conflict may soon come to a close and allow for the reopening of the Strait of Hormuz - with analysts at Goldman Sachs estimating that oil flowing from the Persian Gulf declined by about 14.5 million barrels a day in April.
"It's clear that market expectations for lower oil prices ahead are also fading," analysts at Deutsche Bank, led by Jim Reid, global head of macros research and thematic strategy, wrote in a note on Tuesday. Markets are now pricing in less than a 40% chance of the strait opening again before the end of May and about a 55% chance before the end of June, according to the Kalshi prediction market.
CNN reported early Tuesday, citing two people familiar with the matter, that Trump signaled to national security officials during a meeting on Monday that he was not likely to accept Tehran's proposal, which outlines letting transit through the shipping route again without a blockade from the U.S. on Iranian ports in return for the postponement of discussions on its nuclear concessions.
The White House is likely to respond with a counterproposal in the coming days, according to a Wall Street Journal report, published Monday night.
-Nora Redmond
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April 28, 2026 05:28 ET (09:28 GMT)
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