Tighter Global Oil Supplies Support Crude Prices Amid Geopolitical Tensions

Crude oil and gasoline prices rose sharply on Tuesday, with crude reaching a 2-week high and gasoline hitting a 3.75-year high, driven by tighter global oil supplies due to the closure of the Strait of Hormuz. The situation is influenced by stalled US-Iran peace talks and the UAE's decision to leave OPEC, which could impact future supply dynamics.

By Rich Asplund Tue, April 28, 2026 at 10:20 PM GMT+3 5 min read · Yahoo Finance · April 28, 2026, 19:20 UTC

Topics: geopolitical tensions Iran-US relations oil prices OPEC Strait of Hormuz

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