US-Iran continue to negotiate
April 28, 2026
The news snippets continue to hit the headlines and impact prices here in the near term. WTI crude oil is up currently roughly 5 dollars per barrel. This is being helped but President Trump’s comments that he is not happy with Iran’s proposal to negotiate about their nuclear program after a peace deal is reached. Iran said they would open the Strait of Hormuz if the US would end the blockade on Iranian shipping. Ending Iran’s nuclear ambitions has been one of the main reasons for this current conflict and that is why the President expressed his unhappiness.
Headline news that surrounds the whole Iran affairs will continue to move the market here in the near term and this is nothing new.
The following is from John Kemp of John Kemp Energy.
U.S. ECONOMY has become much less oil-intensive following the oil shocks of 1973/74 and 1979/80. Consumption per person has declined by almost 30% compared with the peak in 1978:
The U.S. issued a 90-day extension of the Jones Act waiver to allow non-U.S. ships to transport oil and goods at U.S. ports.
As the standoff in the Middle East persists and the negotiation period gets prolonged, supply disruptions continue to mount; the market has lost an estimated 700mb of crude and products to date, and the lack of conflict resolution will likely continue to drive bullish fundamentals.
Reported as breaking news this morning the UAE says they are leaving OPEC effective May 1.