Oil edges higher as traders weigh Iran’s Hormuz offer and Trump’s next move
By Lee Ying Shan
Published on April 28, 2026.
Oil prices have risen as U.S. President Donald Trump and his national security team discuss a proposal from Iran to reopen the Strait of Hormuz, conditional on Washington ending its blockade and ending hostilities. It is unclear whether this proposal will be considered as a viable solution for the two-month-long conflict. The disruption of the Strait has severely impacted energy flows through the area, affecting around 20 million barrels per day. If hostilities end, a return to normal market conditions would take months.
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