Crude oil prices trade near $100/bbl as US-Iran second round peace talk hopes fade; COMEX gold down 0.6%

Crude oil prices in the global market remained highly volatile, dropping to near $100 per barrel (bbl) during the morning market session on Monday, April 27, as the second round of peace talk hopes faded amid US President Donald Trump’s recent move to cancel sending representatives for negotiations.

In a Truth Social post over the weekend, Trump announced that he had cancelled sending representatives for negotiations with the Iranian delegates, calling it “too much time wasted on travelling.”

Brent crude oil prices surged more than 2% to $107 per bbl on Sunday’s market (ET) as investors focused on Trump’s commentary, amid reports of Iran Revolutionary Guard boarding two cargo ships near the Strait of Hormuz.

Although the Brent crude futures surged to $107 per bbl on Sunday, the prices cooled on Monday’s opening to near $101 per bbl levels in the global market, according to Investing.com data.

The data also showed that West Texas Intermediate (WTI) crude oil surged to $96.67 per bbl on Sunday’s market, which later cooled to open at around $96.14 per bbl on Monday’s market session.

Oil prices today

Brent crude oil prices were trading 1.69% higher at $100.83 per bbl as of 7:37 am (IST) on Monday, compared to $99.13 at the previous market close, according to Investing.com data.

While the US-based WTI crude oil futures were trading 1.48% higher at $95.80 per bbl as of 7:37 am (IST) on Monday, April 27, compared to the previous market close of $94.4 per bbl, as per the exchange data.

What’s driving crude oil prices today?

Crude oil prices remained highly volatile and subject to the evolving developments in West Asia and the Strait of Hormuz, as the US-Iran conflict entered its ninth week since the beginning of February 28, 2026.

Investors remained cautious in the market towards any potential escalation from either side of the countries at war, while Trump’s comments failed to chart a near-term end to the West Asia conflict over the weekend.

“Too much time wasted on travelling, too much work! Besides which, there is tremendous infighting and confusion within their “leadership.” Nobody knows who is in charge, including them,” said President Trump in his post.

Trump also claimed that the United States holds ‘all the cards’ of the conflict, and if Iran wants to talk with America, all they have to do is “call.”

Latest media reports suggest that due to the continued closure of the Strait of Hormuz and the US blockade of Iranian ports, the daily maritime traffic has dropped to near-zero levels, increasing fears of a further supply disruption in the market.

While Trump stands his ground, the Iranian President Masoud Pezeshkian said that the negotiations between the two countries will not be able to proceed under “threat or blockade.”

All eyes are now on either side for any indication of a potential peace deal this week.

Gold prices today

The New York Mercantile Exchange-based COMEX gold prices were trading 0.6% lower at $4,712 per ounce as of 10:07 pm (ET) on Sunday evening, April 26, compared to $4,713.10 per ounce at the previous market close, according to the official data.

Gold prices remained under pressure with the fluctuating price of global oil, as well as a mixed demand for the US dollar in the market. Traders were focusing on safer assets amid a heightened demand for dollars in the market.

Data collected from Bloomberg’s US dollar spot index (DYX) showed that the greenback was trading 0.03% lower at 98.501 as of 10:07 pm (ET) on April 26, compared to the previous currency market close.