The US-Iran peace talks have stalled, and crude oil futures rose more than 2% at the start of trading on Monday.

BlockBeats News, April 27 — On Monday morning, crude oil futures rose more than 2%, due to the deadlock in peace negotiations between the United States and Iran, and the limited oil transportation through the Strait of Hormuz, which continues to keep global oil supplies tight. Recently, crude oil futures prices have been highly volatile, and traders are not only predicting when oil exports from the Persian Gulf will resume but also estimating how long it will take for regional production to return to pre-war levels.

Trump stated on Sunday that due to Iran’s inability to export oil, domestic pressure in the country is increasing, which could cause long-term damage to its energy export infrastructure. Goldman Sachs analysts said on Sunday that they have delayed their expectation for the Strait of Hormuz to return to normal export levels from mid-May to late June. Meanwhile, they raised their price forecast for Q4 WTI crude oil from $75 per barrel to $83 per barrel. (Jin10)

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