Oil prices rise as Iran-US talks stall, Brent hits $112

Global oil prices surged Wednesday as peace talks between Iran and the US appear to be at a standstill. Brent crude climbed to around $112 a barrel, while West Texas Intermediate crossed $100 for the first time in two weeks, with both contracts rising 0.6-0.7%. The Islamic Republic submitted a proposal to ease its chokehold on the Strait of Hormuz in exchange for the US lifting its blockade, but Trump administration officials remain skeptical, insisting any deal must prevent Iran from pursuing nuclear weapons.

Asian markets showed mixed performance with Hong Kong and Shanghai gaining while Sydney and Singapore fell. US markets slightly closed higher, with the Dow up 0.1% at 49,141.93. The Federal Reserve concluded its two-day meeting as investors focused on inflation and interest rate outlook amid rising energy costs.

For Nigeria, an oil-dependent economy, these developments signal potential impacts: higher global oil prices could increase government revenue but also raise domestic fuel costs and affect foreign exchange rates. The ongoing tensions in the Middle East—which supplies 30% of global oil—continue to create volatility in markets that directly influence Nigeria's economic stability.

SOURCE: https://www.channelstv.com/2026/04/29/stocks-swing-oil-edges-up-with-iran-war-peace-talks-stalled/