Oil prices rise further with Iran war peace talks stalled

Glow FM

Official Update

Apr 29, 2026 Updated Jul 14, 2026 2 min read 6 views 0 shares

Oil prices rose Monday as talks to end the Iran war appeared to be at a standstill and the crucial Strait of Hormuz no nearer being reopened.

While the White House has remarked Donald Trump and his team were considering Tehran’s latest proposal to restore traffic through the waterway, CNN and the Wall Street Journal declared the president was sceptical.

The Islamic republic this week submitted a plan that would reportedly see it ease the chokehold and Washington lift its retaliatory blockade on the country’s ports as talks continued, including over its nuclear programme.

While US Secretary of State Marco Rubio mentioned Iran’s proposal was “better than what we thought they were going to submit”, he insisted any eventual deal had to be “one that definitively prevents them from sprinting towards a nuclear weapon”.

Iranian defence ministry spokesman Reza Talaei-Nik noted Washington “must abandon its illegal and irrational demands”, adding the United States was “no longer in a position to dictate its policy to independent nations”.

Qatar warned of the possibility of a “frozen conflict” if a definitive resolution is not found.

Concerns about the stalled peace push have pushed crude prices higher for more than a week, with Trump’s decision to cancel his envoys’ trip for peace talks in Pakistan last weekend adding to the downbeat mood.