US-Iran Peace Talks Stalemated, Crude Oil Futures Rise Over 2% on Monday

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On April 27, crude oil futures rose over 2% in early trading on Monday due to a stalemate in peace negotiations between the United States and Iran, while oil transport through the Strait of Hormuz remains limited, keeping global oil supply tight. Recently, crude oil futures prices have been highly volatile, with traders needing to predict not only when oil exports from the Persian Gulf will resume but also how long it will take for production in the region to return to pre-war levels. On Sunday, Trump stated that Iran’s inability to export oil is increasing domestic pressure, which could potentially cause long-term damage to its energy export infrastructure. Analysts at Goldman Sachs indicated on Sunday that they have pushed back their expectation for the normalization of export levels through the Strait of Hormuz from mid-May to late June. Meanwhile, they raised their price forecast for fourth-quarter WTI crude oil from $75 per barrel to $83 per barrel.

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