Oil futures rise over 2% as US-Iran peace talks stall

Crude oil futures opened more than 2% higher today due to ongoing global supply tensions, as peace talks between the U.S. and Iran have stalled. Oil shipments through the Strait of Hormuz remain limited. Amid recent price volatility, traders are assessing not only when exports from the Persian Gulf might resume but also how long it will take for regional production to return to pre-war levels. President Donald Trump stated on April 26 that Iran is facing growing domestic pressure from its inability to export oil, which he said could cause long-term damage to its energy export infrastructure. On the same day, Goldman Sachs analysts pushed back their forecast for the normalization of exports through the Strait of Hormuz from mid-May to late June. They also raised their fourth-quarter price forecast for WTI crude from $75 to $83 per barrel.