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Oil jumps toward $107 as Trump halts Iran talks and Hormuz fears spike worldwide
Business
Published on 27 April 2026
Negotiations stopped just as Hormuz risk kept rising
Global oil prices surged Monday, with Brent pushing toward $107 and WTI also climbing, after President Donald Trump cancelled high-level peace talks with Iran. The move further clouded prospects for easing the U.S.-Iran standoff, while the Strait of Hormuz remained a key flashpoint. Even as India’s retail fuel prices hold steady, rising “Indian Basket” costs could fuel future inflation.
- Brent nears $107 as U.S.-Iran diplomacy collapses
- Hormuz supply risk stays elevated despite expectations of talks
- IEA warns of potentially historic supply shock conditions
- India’s retail prices are steady, but import costs rise
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This summarization was done by Beige for a story published on 
Republic