Oil Rises as Trump's Iran Rebuff Extends Supply Uncertainty
Idag, 17:37
11:37 AM EDT, 05/11/2026 (MT Newswires) -- Crude oil prices rose Monday as US President Donald Trump rejected Iran's counteroffer to end the war, extending uncertainty around oil flows through the Strait of Hormuz.
Brent advanced 2.3% to $103.65 per barrel, while West Texas Intermediate crude futures were last up 1.9% at $97.25.
Trump on Sunday described Iran's response to Washington's peace proposal as "totally unacceptable."
The apparent US-Iran stalemate prolongs the effective closure of the Strait of Hormuz, the world's most important chokepoint for crude flows.
Iran's proposal, delivered via mediator Pakistan, sought an immediate end to hostilities, the lifting of the US naval blockade of its ports and assurances against further aggression, BBC News reported, citing Iran's semi-official Tasnim news agency.
"Despite earlier optimism, an agreement between the US and Iran has yet to be reached,"Stifel Chief Economist Lindsey Piegza said in a note Monday. "With hopes of a resolution to the 10-week conflict again undermined, oil prices reversed course."
Oil prices fell last week as markets hoped that a deal would be reached.
Israeli Prime Minister Benjamin Netanyahu said the Iran war was "not over,"he told CBS News in an interview that aired on Sunday.
"There's still enrichment sites that have to be dismantled,"Netanyahu reportedly said. "There's still proxies that Iran supports."
Netanyahu said that Iran also wants to continue producing ballistic missiles.
"Now, we have degraded a lot of it, but all of that is still there,"he said. "And there is work to be done."
Trump is scheduled to arrive in China on Wednesday for a high-stakes state visit, with talks set to take place Thursday and Friday. This will be his first trip to China since 2017, Reuters reported.
"While optimism for an imminent deal is fading, there remains a glimmer of hope that talks between Trump and Chinese President Xi (Jinping) later this week could yield positive results on Iran,"ING Head of Commodities Strategy Warren Patterson said in a note Monday.
"The hope is that China can use its influence over Iran to push it closer towards a peace deal,"Patterson said. "Clearly, this is easier said than done."
Oil Rises as Trump's Iran Rebuff Extends Supply Uncertainty
Idag, 17:37
11:37 AM EDT, 05/11/2026 (MT Newswires) -- Crude oil prices rose Monday as US President Donald Trump rejected Iran's counteroffer to end the war, extending uncertainty around oil flows through the Strait of Hormuz.
Brent advanced 2.3% to $103.65 per barrel, while West Texas Intermediate crude futures were last up 1.9% at $97.25.
Trump on Sunday described Iran's response to Washington's peace proposal as "totally unacceptable."
The apparent US-Iran stalemate prolongs the effective closure of the Strait of Hormuz, the world's most important chokepoint for crude flows.
Iran's proposal, delivered via mediator Pakistan, sought an immediate end to hostilities, the lifting of the US naval blockade of its ports and assurances against further aggression, BBC News reported, citing Iran's semi-official Tasnim news agency.
"Despite earlier optimism, an agreement between the US and Iran has yet to be reached,"Stifel Chief Economist Lindsey Piegza said in a note Monday. "With hopes of a resolution to the 10-week conflict again undermined, oil prices reversed course."
Oil prices fell last week as markets hoped that a deal would be reached.
Israeli Prime Minister Benjamin Netanyahu said the Iran war was "not over,"he told CBS News in an interview that aired on Sunday.
"There's still enrichment sites that have to be dismantled,"Netanyahu reportedly said. "There's still proxies that Iran supports."
Netanyahu said that Iran also wants to continue producing ballistic missiles.
"Now, we have degraded a lot of it, but all of that is still there,"he said. "And there is work to be done."
Trump is scheduled to arrive in China on Wednesday for a high-stakes state visit, with talks set to take place Thursday and Friday. This will be his first trip to China since 2017, Reuters reported.
"While optimism for an imminent deal is fading, there remains a glimmer of hope that talks between Trump and Chinese President Xi (Jinping) later this week could yield positive results on Iran,"ING Head of Commodities Strategy Warren Patterson said in a note Monday.
"The hope is that China can use its influence over Iran to push it closer towards a peace deal,"Patterson said. "Clearly, this is easier said than done."
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