Crude oil prices have jumped significantly.(Bloomberg)AI Quick ReadCrude oil prices rebounded from their intraday lows on Tuesday, 21 April, as the looming expiry of the two-week ceasefire on Wednesday raised concerns that hostilities could resume in the region, with Iran yet to confirm its participation in a second round of peace talks in Pakistan.
Brent crude rebounded 5.35%, or $5 per barrel, from intraday lows to $98.89, while US benchmark crude recovered 5.56% or $4.77 a barrel to $90.68 from the day’s low.
Tensions between the US and Iran renewed earlier this week after the US Navy seized an Iranian vessel in the Strait of Hormuz.
Shipping traffic through the key waterway, which normally handles about 20% of global oil and liquefied natural gas (LNG) supplies, remained broadly halted on Tuesday.
US President Donald Trump said Tehran had “no choice” but to send a delegation to Pakistan. The US is “ready to go” with a resumption of bombing if a breakthrough is not reached, he told CNBC.
Trump added that Vice President JD Vance is prepared to travel to Pakistan for negotiations. Earlier this week, he said it is “highly unlikely” he would extend the two-week truce if an agreement were not reached before it expires, adding that the Strait of Hormuz would remain blocked until an accord is finalised.
Meanwhile, Parliament Speaker Mohammad Bagher Ghalibaf said Iran would not “accept negotiations under the shadow of threats.”
Esmail Baqaei, spokesperson for Iran’s Ministry of Foreign Affairs, said during a weekly press briefing on Monday, “We have no plan for a next round of negotiations, and no decision has been made in this regard,” according to Fars News Agency.
On Monday, Esmail said there appears to be little seriousness on the part of the US in pursuing diplomacy in its conventional sense.
The standoff threatens to deepen the energy crunch, with flows through the vital Strait of Hormuz remaining at a near standstill. Key unresolved issues include Iran’s nuclear programme and Israel’s military operations in Lebanon.
The first round of talks began on Saturday, 12 April, in Islamabad, with Pakistan acting as mediator. The discussions, involving Iranian and US representatives, lasted about 21 hours but ended without a breakthrough.
Meanwhile, Iran’s Foreign Ministry on Tuesday condemned the confiscation of Iranian cargo ship Touska by the United States and called for the “immediate release of the vessel, its sailors, crew, and their families."
(With inputs from Bloomberg)
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