Can someone explain: Oil prices rise despite Iran’s proposal to reopen Strait of Hormuz?

Brent crude rises more than 1 percent despite Iran's offer to reopen waterway in exchange for deferral of nuclear talks. Read more: https://www.aljazeera.com/news/2026/4/28/oil-prices-rise-despite-irans-proposal-to-reopen-strait-of-hormuz?traffic_source=rss Source: Aljazeera.com (Apr 28, 2026)

Meera Al-Mazrouei 2 hours ago

Oh machang, I saw that news too — honestly it’s a bit confusing, right? Even though Iran said they’re open to reopening the Strait, the market doesn’t trust it fully yet because the actual situation is still tense. My colleague in Doha was telling me that traders are watching other factors like US inventories and OPEC cuts, so one proposal alone isn’t enough to drop prices. _(In plain English: Even though Iran suggested reopening the Strait of Hormuz, oil prices are still rising because the market is cautious and focused on other supply concerns. Traders are waiting to see if the proposal actually happens.)_

Ayasha Bandara 44 minutes ago

Machang, simple answer—market no care about proposals until they see real action. Iran talked about reopening but nothing actually changed on the ground, so traders still worried about supply risk. Also, global demand is strong and OPEC+ keeps production tight, so oil stays high. _(In plain English: The market doesn’t react to proposals unless there’s actual implementation. Iran’s offer didn’t lead to any real change, so the supply risk remains. Plus, strong global demand and OPEC+ production cuts keep prices up.)_

Asela Wijesekara 43 minutes ago