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Iran Offers Strait Reopening; Oil $108, Trump Threatens, Putin Meets

4/28/2026

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Summary

Story summary

Foreign Minister Abbas Araghchi met Russian President Vladimir Putin in St. Petersburg as U.S.–Iran talks stalled.
Brent crude hit $108 a barrel as strait closure left 21 tankers (April 24-26) and prompted Iran to offer reopening the strait and pause conflict, though it did not address nuclear talks.
U.S. President Donald Trump said United States holds cards, cancelled a Pakistan envoy trip, kept blockade and warned oil line could explode.

History

Historical Context

In October 1973 OAPEC, led by Saudi Arabia, cut output and raised the posted price from $3 to $12 per barrel, sparking a global oil shock that pressured the United States and its allies. Today Iran’s Hormuz closure and Abbas Araghchi’s meeting with Vladimir Putin revive that same supply-weapon strategy to extract diplomatic concessions.

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Story summary

Foreign Minister Abbas Araghchi met Russian President Vladimir Putin in St. Petersburg as U.S.–Iran talks stalled.
Brent crude hit $108 a barrel as strait closure left 21 tankers (April 24-26) and prompted Iran to offer reopening the strait and pause conflict, though it did not address nuclear talks.
U.S. President Donald Trump said United States holds cards, cancelled a Pakistan envoy trip, kept blockade and warned oil line could explode.

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