ECONOMY, EU, WORLD

Oil price rises above 110 USD per barrel

28 April 2026

The price of oil climbed above 110 USD per barrel on Tuesday, as prospects for a swift resolution to the conflict in the Middle East remain limited.

The international benchmark Brent crude rose by more than 2 per cent to just over 110 USD a barrel, marking a seventh consecutive day of gains.

US president Donald Trump has discussed a new Iranian proposal with his advisers, but a breakthrough appears unlikely in the short term. US secretary of state Marco Rubio said in an interview with Fox News that the proposal concerning the Strait of Hormuz does not meet American demands.

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