{"id":421833,"date":"2026-04-28T15:35:15","date_gmt":"2026-04-28T15:35:15","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/421833\/"},"modified":"2026-04-28T15:35:15","modified_gmt":"2026-04-28T15:35:15","slug":"oil-price-climbs-above-110-for-first-time-in-three-weeks-as-us-iran-peace-efforts-falter-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/421833\/","title":{"rendered":"Oil price climbs above $110 for first time in three weeks as US-Iran peace efforts falter \u2013 The Irish Times"},"content":{"rendered":"

Main PointsOil <\/a>hit $110 for the first time in three weeks today as the US <\/a>and Iran<\/a> appeared to make little progress towards a peace deal President Donald Trump<\/a>\u00a0is unhappy<\/a> with the latest Iranian proposal to resolve the two-month \u200cwar, a US official saidIran<\/a>\u2019s latest proposal would set aside discussion of its nuclear programme \u200buntil the war ended and disputes over shipping resolvedThe IDF has ordered<\/a> residents of 16 southern Lebanese towns and villages to evacuate, amid reports of continuing Israeli attacks on southern Lebanon despite ceasefireAn LNG shipment has exited<\/a> the Gulf of Oman for the first time in two monthsKing Charles III and Queen Camilla have begun a royal visit to the US, with US-UK relations between strained by the Iran warBest readsUAE leaves Opec in huge blow<\/a> to global oil producers\u2019 groupIran\u2019s hardliners clash<\/a> over talks to USTullow secures record<\/a> $130 a barrel for Ghana oil amid crisis<\/p>\n

Jade Wilson – 16 minutes ago<\/p>\n

Elsewhere, Britain\u2019s King Charles III and Queen Camilla have been welcomed to the White House by US president Donald Trump and first lady Melania.<\/p>\n

\"TrumpTrump greets the king outside the White House as Melania Trump looks on. Photograph: Jim Watson\/AFP via Getty \"FromFrom left: Britain’s Queen Camilla, US first lady Melania Trump, King Charles and US president Donald Trump attend a welcome ceremony on the South Lawn of the White House in Washington DC on Tuesday. Photograph: Will Oliver\/EPA \"CamillaCamilla and Melania Trump stand during the US national anthem at the White House welcome ceremony on Tuesday. Photograph: Aaron Chown\/PA Wire <\/p>\n

Jade Wilson – 27 minutes ago<\/p>\n

Russian billionaire-owned superyacht passes through Strait of Hormuz\"TheThe Nord superyacht. Photograph: Lam Yik\/Bloomberg via Getty Images <\/p>\n

A superyacht owned by Russian billionaire Alexey Mordashov \u200cwas able to travel through the blockaded Strait of Hormuz after undergoing maintenance in Dubai \u200cbecause neither Iran nor the United States objected, a source close to Mordashov said on Tuesday.<\/p>\n

It \u200bhas been unclear how the multideck pleasure vessel, worth more than $500 million, gained permission to sail on Saturday through the commercially important waterway at the heart of the US-Iran conflict, \u200bwhere traffic has been severely restricted since February.<\/p>\n

Sailing under a Russian flag, the yacht, \u2060called Nord, crossed the strait on an approved route in compliance \u200cwith international \u200cmaritime \u200blaw, the source said.<\/p>\n

\u201cIran did not interfere with the movement of the yacht, as it is a \u2060civilian vessel of a \u200bfriendly country conducting a peaceful transit. The \u200bAmerican side also raised no questions regarding the yacht\u2019s movement, as \u200cit did not call at Iranian ports \u200band has no connection to Iran,\u201d the source said.<\/p>\n

Read the report in full<\/a>.<\/p>\n

Jade Wilson – 36 minutes ago<\/p>\n

Risk of jet fuel shortage in Europe receding, says Ryanair\u2019s O\u2019Leary<\/p>\n

Ryanair group \u200cchief executive Michael O\u2019Leary said the risk of a jet fuel supply shortage in Europe due to the Middle East conflict is receding and that \u200bfuel companies have told the airline they see no risk of potential disruption until the end of June.<\/p>\n

But he predicted that rival European airlines would suffer as Ryanair uses its strong fuel hedging position to push down fares.<\/p>\n

O\u2019Leary warned at the start of April that jet fuel \u200bsupply to Europe could be disrupted from early June if the conflict does not end this month. However, fuel companies have become much more confident in \u2060the last week or two, he said on Tuesday.<\/p>\n

\u201cWe think the risk of a supply disruption \u200cis \u200creceding,\u201d O\u2019Leary \u200btold Reuters in an interview, citing a conference call with all of its suppliers across Europe on Monday.<\/p>\n

He was dismissive of a warning from Sweden on Tuesday \u2060of a potential shortage of jet fuel.<\/p>\n

\u201cA month ago we \u200bwere saying we\u2019re all fine until the end of May. The fuel companies are now saying they\u2019re seeing no \u200csupply disruption risk until the end of June,\u201d O\u2019Leary \u200bsaid.<\/p>\n

He had singled out Britain as the market most exposed to potential shortages due to the amount of oil \u2060it imports from Kuwait. He said that risk \u2060had also receded and \u200bthat some of the bigger oil companies Ryanair deals with have said they would step in in the unlikely event Kuwait runs short.<\/p>\n

While demand for last-minute bookings in April and May has been stronger than expected, O\u2019Leary said demand was \u201ca little bit weaker\u201d for flights between June and September, prompting the airline to lower some fares to stimulate demand. \u2013 Reuters<\/p>\n

Jade Wilson – 45 minutes ago<\/p>\n

At least 72,594 killed in Gaza since October 2023<\/p>\n

In its latest update, published on Tuesday, Gaza\u2019s health ministry said at least 72,594 Palestinian people have been killed and 172,404 others injured in Israeli attacks on Gaza since October 7th, 2023.<\/p>\n

At least 818 Palestinian people have been killed in Israeli attacks since a ceasefire between Hamas and Israel came into effect in October 2025, according to the ministry, whose figures the United Nations generally find reliable.<\/p>\n

Most of the people killed have been civilians and the true death toll is likely much higher given the number of those still buried under rubble across the Gaza Strip.<\/p>\n

The Palestinian news agency Wafa reported this morning that a 9-year-old child was killed in an Israeli air strike east of the southern city of Khan Younis after Israeli aircraft targeted the area. \u2013 The Guardian<\/p>\n

Tuesday: The day so far<\/p>\n

Iran: Tehran\u2019s envoy to the United Nations said it needs \u201ccredible guarantees\u201d against more US-Israeli attacks before it can ensure security in the Gulf.<\/p>\n

Opec: The UAE announced it has quit the Organisation of the Petroleum Exporting Countries (Opec), dealing a heavy blow to the group and its de \u200cfacto leader, Saudi Arabia amid the fuel crisis stemming from the Iran war.<\/p>\n

Trump: A US official said president Donald Trump was unhappy with Tehran\u2019s latest proposals to end the two-month old war, further dampening hopes for a resolution to the conflict.<\/p>\n

Israel: There were continued reports of attacks by the Israel Defense Forces in southern Lebanon despite the ongoing ceasefire between Israel and Hizbullah. The Israeli military ordered residents of 16 towns and villages in the region to evacuate immediately.<\/p>\n

Oil: Earlier in the day, the price of oil hit $110 a barrel for the fist time in three weeks.<\/p>\n

\"VehiclesVehicles drive past a giant billboard reading ‘The Strait of Hormuz remains closed’ at Revolution Square in Tehran on Tuesday. Photograph: Atta Kenare\/AFP via Getty <\/p>\n

Jade Wilson – 2 hours ago<\/p>\n

UAE quitting Opec group of oil producers<\/p>\n

The United Arab Emirates<\/a> said on Tuesday it \u200cquit Opec <\/a>and Opec+, dealing a heavy blow to the oil exporting groups and their de \u200cfacto leader, Saudi Arabia, at a time when the Iran war has caused a historic energy shock \u200band unsettled the global economy.<\/p>\n

The stunning loss of the UAE, a long-standing Opec member, could create disarray and weaken the group, which has usually sought to show a united front despite \u200binternal disagreements over a range of issues from geopolitics to production quotas.<\/p>\n

Opec Gulf producers have already \u2060been struggling to ship exports through the Strait of Hormuz, a narrow \u200cchokepoint between \u200cIran \u200band Oman through which a fifth of the world\u2019s crude oil and liquefied natural gas normally passes, because of Iranian \u2060threats and attacks against \u200bvessels.<\/p>\n

But the UAE exit from Opec represents \u200ba big win for Trump, who has accused the organisation \u200cof \u201cripping off the rest of \u200bthe world\u201d by inflating oil prices.<\/p>\n

Read the full story here<\/a>. <\/p>\n

Jade Wilson – 3 hours ago<\/p>\n

Oil price climbs above $110 (\u20ac94) for first time in three weeks<\/p>\n

Oil <\/a>hit $110 (\u20ac94) for the first time in three weeks on Tuesday as the US and Iran appeared to make little progress towards a peace deal that would unlock energy supplies through the Strait of Hormuz.<\/a><\/p>\n

Brent crude, the international oil benchmark, soared from less than $60 a barrel at the start of the year to as high as $119 at its peak during the conflict as Iran brought traffic through the Strait of Hormuz to a near halt and attacked energy facilities across the Gulf.<\/p>\n

It was at $110.82 a barrel in morning trading after giving up some of its earlier gains. <\/p>\n

\u201cMarkets have been latching on to any signs of peace talks, and the absence of that is raising fears that they are not going to happen,\u201d said Jim Reid, head of macro research at Deutsche Bank.<\/p>\n

This move higher in oil has also reignited bets that central banks will have to lift interest rates to contain the resulting wave of inflation, hitting bonds in the US, Europe and the UK. <\/p>\n

The White House said on Monday that US officials were discussing Iran\u2019s latest proposal, which has not been made public, but maintained \u201cred lines\u201d on any deal to end the eight-week war, including preventing Tehran from obtaining a nuclear weapon.<\/p>\n

White House press secretary Karoline Leavitt told reporters that Trump<\/a> had convened national security officials to review the proposal. \u201cHis red lines with respect to Iran have been made very, very clear,\u201d she said, adding that Trump would address the matter \u201cvery soon\u201d.<\/p>\n

Asked whether the US would accept an offer by Iran to open the strait while delaying talks over Tehran\u2019s nuclear programme, US Secretary of State Marc Rubio said he would not speculate on what Trump might do.<\/p>\n

Jade Wilson – 3 hours ago<\/p>\n

Gulf leaders to meet in Saudi Arabia to discuss response to Iranian strikes <\/p>\n

Saudi Arabia is to host a meeting of the Gulf Cooperation Council in Jeddah later today, in what will be first in-person meeting of Gulf leaders since their states became dragged into the war.<\/p>\n

A Gulf official told the Reuters news agency that the meeting aimed to craft a response to the thousands of Iranian missile and drone attacks Gulf states have faced since the US and Israel launched the war on Iran on February 28th.<\/p>\n

Qatar\u2019s emir, Kuwait\u2019s crown prince, Bahrain\u2019s king and the UAE\u2019s foreign minister arrived in Jeddah to attend the summit, Saudi state media reported. It was unclear who would represent Oman.<\/p>\n

Jade Wilson – 4 hours ago<\/p>\n

Tullow secures record $130 a barrel for Ghana oil amid crisis<\/p>\n

Tullow Oil <\/a>has said it secured a record price of $130 (\u20ac111.20) a barrel for an April shipment of oil drilled off the coast of Ghana, well ahead of leading global benchmarks, amid tensions in the Middle East.<\/p>\n

The Irish-founded company achieved an average of $90 a barrel for its first four shipments of the year, it said in an investor presentation on Tuesday that accompanied its full-year results for last year.<\/p>\n

The company said that West African crude oil is continuing to trade at a premium as shipments from the Middle East are affected by severe disruptions.<\/p>\n

Tullow, which said on Monday it had completed a major debt refinancing, also forecast annual production to come in at \u200bthe higher end of its outlook range, after a strong start to the year.<\/p>\n

Shares in the company soared more than 11 per cent in London trading.<\/p>\n

Jade Wilson – 5 hours ago<\/p>\n

IDF orders residents of 16 southern Lebanese towns and villages to evacuate<\/p>\n

The Israeli military has ordered residents of 16 towns and villages in southern Lebanon to evacuate immediately to the Sidon area.<\/p>\n

The affected towns and villages are Ghndouriyeh, Burj Qlawiyeh, Qlawiyeh, al-Sawana, al-Jumayjima, Safad al-Batikh, Braashit, Shaqra, Aita al-Jabal, Tibnin, al-Sultaniyya, Bir al-Sanasil, Dounin, Khirbet Silm, Salaa, Deir Qifa, according to a social media post by the IDF\u2019s Arabic-language spokesperson, Avichay Adraee, who claimed the attacks are being launched due to Hizbullah violating the US-mediated ceasefire agreement Israel signed with the Lebanese state in mid April.<\/p>\n

Israeli air strikes have reportedly killed at least 40 people in Lebanon since the ceasefire there began on April 17th. Under its terms, Israel retains its \u201cright to take all necessary measures in self-defence, at any time, against planned, imminent, or ongoing attacks\u201d.<\/p>\n

Hizbullah has said it would not cease its attacks on Israeli troops inside Lebanon and on towns in northern Israel as long as Israel continued its ceasefire violations.<\/p>\n

Jade Wilson – 6 hours ago<\/p>\n

Reports of Israeli attacks on southern Lebanon continue despite ceasefire<\/p>\n

Al Jazeera is reporting that Israeli forces are shelling areas of southern Lebanon despite the ceasefire.<\/p>\n

Lebanon\u2019s national news agency reported earlier that Israeli warplanes launched three air strikes on the town of Zawtar al-Sharqiyah at 6am local time, with Israeli attacks also reportedly launched on the town of Bint Jbeil, which is about 5km north of the Israeli border and has seen heavy fighting between Israeli forces and Hizbullah.<\/p>\n

Israel, which claims it is striking Hizbullah operatives and sites even though it has killed many civilians and destroyed civilian infrastructure with apparent impunity, was given extremely wide scope by the wording of the ceasefire that permits it the \u201cright to take all necessary measures in self-defence, at any time, against planned, imminent or ongoing attacks\u201d.<\/p>\n

The ceasefire deal, which took effect on April 16th and was extended by three weeks last Thursday, was agreed between Israel and the Lebanese state, not Hizbullah, the Iranian-backed Lebanese militant group and political party.<\/p>\n

\"SmokeSmoke rising as the Israeli army demolishes buildings and homes in southern Lebanon on Monday. Photograph: Jalaa Marey\/AFP via Getty Images <\/p>\n

Jade Wilson – 7 hours ago<\/p>\n

Iran says it needs \u2018guarantees\u2019 against attacks before Gulf can be stable<\/p>\n

Iran needs \u201ccredible guarantees\u201d against more US-Israeli attacks before it can ensure security in the Gulf, Tehran\u2019s envoy to the UN has said, while on a Russian visit Iran\u2019s foreign minister blamed Washington for the failure of peace talks.<\/p>\n

\u201cThe US approaches caused the previous round of negotiations, despite progress, to fail to reach its goals because of the excessive demands,\u201d the minister, Abbas Araghchi, said.<\/p>\n

Trump on Sunday had told Fox News that if Iran wanted talks, \u201cthey can call us\u201d \u2013 adding that his cancellation of sending his envoys to Pakistan at the weekend did not signal a return to hostilities.<\/p>\n

On Monday, Amir Saeid Iravani, Tehran\u2019s UN ambassador, told a security council session: \u201cLasting stability and security in the Gulf and the wider region can only be achieved through a durable and permanent cessation of aggression against Iran supplemented by credible guarantees of non-recurrence and full respect for the legitimate sovereign rights and interests of Iran.\u201d<\/p>\n

Jade Wilson – 8 hours ago<\/p>\n

BP criticised after revealing profits more than doubled since Iran war<\/p>\n

Oil giant BP has been criticised after revealing profits more than doubled in the first three months of the year thanks to the soaring cost of crude caused by the Iran war.<\/p>\n

The firm revealed its preferred profit measure \u2013 underlying replacement cost profit \u2013 surged by more than 130 per cent to a better-than-expected $3.2 billion (\u20ac2.7 billion) in the first quarter, up from $1.38 billion a year earlier.<\/p>\n

Most analysts had expected first quarter profits of $2.67 billion.<\/p>\n

Campaigners accused the group of profiting at the expense of households, who have seen fuel prices rocket at the pumps and are set to see energy bills jump higher.<\/p>\n

Mike Childs, head of science, policy and research at Friends of the Earth, said: \u201cJust as we saw in 2022 following Russia\u2019s invasion of Ukraine, fossil fuel giants are quids in when global instability drastically inflates fuel prices\u201d.<\/p>\n

\u201cBut again, it\u2019s ordinary people who pay the price,\u201d he said.<\/p>\n

The campaign group\u2019s co-ordinator, Simon Francis, said: \u201cThese astronomical profits are a startling reminder that when conflict drives up the price of oil and gas, energy companies profit and households pay.\u201d<\/p>\n

BP\u2019s new chief executive, Meg O\u2019Neill, who took over at the helm on April 1st, said the group was ensuring fuel supplies were met across the UK.<\/p>\n

She said: \u201cThe teams across BP are playing their part to keep oil, gas and refined products flowing during an incredibly challenging time \u2013 focused on maintaining safe, reliable and cost-efficient operations.\u201d<\/p>\n

She added: \u201cWe are working with customers and governments to get fuel where it\u2019s needed, helping minimise disruption and the impact it can have on people\u2019s lives.\u201d<\/p>\n

Oil prices have raced higher since the US-Israel war on Iran started on February 28th and are more than 60 per cent up so far this year. \u2013 PA<\/p>\n

Jade Wilson – 10 hours ago<\/p>\n

\"USUS president Donald Trump, first lady Melania Trump, Britain’s King Charles and Queen Camilla tour the South Lawn at the White House on Monday. Photograph: Suzanne Plunkett-Pool\/Getty Images <\/p>\n

Britain\u2019s King Charles and Queen Camilla arrived at the White House on Monday for a state visit in Washington, a city still rattled by a weekend shooting and a transatlantic alliance showing fresh signs of strain.<\/p>\n

The four-day tour, intended to mark the 250th anniversary of US independence, begins against the backdrop of a diplomatic rift over Donald Trump\u2019s war in Iran and a dramatic security scare at the White House correspondents\u2019 dinner last Saturday.<\/p>\n

British flags could be seen lining lamp-posts outside the White House, where Trump and the first lady, Melania Trump, greeted Charles and Camilla with handshakes. The four appeared to exchange pleasantries and posed for several photographs before heading inside the White House for a private tea.<\/p>\n

The British monarch was spared the potential humiliation of being upbraided in public by the US president this week after the White House agreed that any meeting between the two men should be held off-camera.<\/p>\n

UK ministers have pinned great hopes on the state visit, which they are hoping will help repair the relationship between the two countries at one of its most difficult periods in decades.<\/p>\n

With Trump threatening retaliation for criticism of the Iran war<\/a> by the British prime minister, Keir Starmer, and the chancellor, Rachel Reeves, the UK government is hoping the king might be able to talk Trump down from some of his more aggressive statements. \u2013 The Guardian<\/p>\n

Jade Wilson – 10 hours ago<\/p>\n

First LNG shipment in two months exits Gulf<\/p>\n

The first liquefied natural gas shipment since the war in the Middle East began two months ago appears to have traversed the Strait of Hormuz to exit the Gulf.<\/p>\n

The Mubaraz \u2013 which loaded a cargo from Abu Dhabi National Oil Co\u2019s Das Island facility in the United Arab Emirates<\/a> around early March \u2013 is now passing the southern tip of India, according to ship-tracking data. The tanker had been idling inside the Gulf, but stopped sending a signal around March 31st, before reappearing west of India on April 27th, the data shows.<\/p>\n

The global energy market is laser-focused on traffic through Hormuz, which has dwindled to almost zero over the past two months as Iran and the US imposed rival blockades. The closure of the waterway for roughly a fifth of global LNG supply has tightened the market, sending prices sharply higher.<\/p>\n

While the potential passage may raise hopes of increased LNG exports from the region, other vessels in the gulf appear to be remaining in place. Before the war, roughly three loaded LNG carriers transited Hormuz each day.<\/p>\n

At present, the Mubaraz is signalling a terminal in China<\/a> as its destination, with the ship estimated to arrive there by May 15th, the data shows.<\/p>\n

Jade Wilson – 10 hours ago<\/p>\n

Trump \u2018unhappy\u2019 with latest Iran proposal to end war\"AA sign at a Chevron gas station in El Segundo, California. Photograph: Patrick T Fallon\/AFP via Getty Images <\/p>\n

US president Donald Trump<\/a> is unhappy with the latest Iranian proposal on resolving the two-month \u200cwar<\/a>, a US official said, dampening hopes for a resolution to the conflict that has disrupted energy supplies, fuelled inflation, and killed thousands.<\/p>\n

Iran\u2019s latest proposal would set aside discussion of Iran\u2019s nuclear programme \u200buntil the war is ended and disputes over shipping from the Gulf are resolved.<\/p>\n

That is unlikely to satisfy the US, which says nuclear issues must be dealt with from the outset, and Trump was unhappy with Iran\u2019s proposal for that reason, a US official briefed on the president\u2019s Monday meeting with his advisers said.<\/p>\n

White House spokeswoman Olivia Wales said the \u200bUS \u201cwill not negotiate through the press\u201d and has \u201cbeen clear about our red lines\u201d as the Trump administration looks to end the war against Iran it began in February alongside Israel.<\/p>\n

A previous agreement in \u20602015 between Iran and multiple other countries including the US sharply curtailed Iran\u2019s nuclear programme, which it has long maintained is for peaceful, civilian purposes. \u200cBut \u200cthat \u200bdeal fell apart when Trump unilaterally withdrew from it in his first term in office.<\/p>\n

Hopes of reviving peace efforts have receded since Trump scrapped a visit planned for last weekend by his special envoy Steve Witkoff and son-in-law \u2060Jared Kushner to Islamabad, the Pakistani capital, where Iranian foreign minister Abbas \u200bAraghchi shuttled in and out twice during the weekend. Araghchi also visited Oman \u200band on Monday went to Russia, where he met Vladimir Putin and received words of support from a long-standing ally. \u2013 Reuters <\/p>\n","protected":false},"excerpt":{"rendered":"Main PointsOil hit $110 for the first time in three weeks today as the US and Iran appeared…\n","protected":false},"author":2,"featured_media":421834,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,61,94860,151033,60,150177],"class_list":["post-421833","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-ie","tag-iran-news","tag-iran-war","tag-ireland","tag-strait-of-hormuz"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/421833","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=421833"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/421833\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/421834"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=421833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=421833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=421833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}