Oil prices rise amid conflicting reports on US-Iran ceasefire negotiations

Global oil prices rose on Thursday as WTI crude for May delivery reached $92.40 and Brent crude for May delivery climbed to $104.71 per barrel. Iranian Foreign Minister Araghchi stated that while proposals are being exchanged through intermediaries, Tehran is not engaged in direct negotiations with the United States. Iranian officials indicated they intend to reject a US-proposed 15-point ceasefire plan sent via Pakistan, offering their own terms instead, which reportedly include control over the Strait of Hormuz. Conversely, the White House maintains that peace efforts are still underway. The disruption in the Strait of Hormuz has significantly reduced daily oil supply, causing fuel shortages in Asian-Pacific nations like South Korea, Australia, and the Philippines. TD Securities analysts noted that the current oil shock is unlikely to trigger aggressive interest rate hikes from the Federal Reserve, which remains focused on potential rate cuts in 2026.