Brent Rises as Trump Rejects Iran Peace Offer

2026-05-11 14:32 By Agna Gabriel 1 min. read

Brent crude futures climbed to above $103 per barrel on Monday after President Donald Trump rejected Iran’s latest response to a US peace proposal, prolonging disruptions in the Strait of Hormuz.

Trump called Tehran’s reply “totally unacceptable,” highlighting the fragility of the ceasefire after ten weeks of conflict.

The near shutdown of traffic through Hormuz has severely disrupted global shipments of crude oil, LNG and fuels, driving energy prices higher and increasing inflation concerns.

Saudi Aramco CEO Amin Nasser warned the market is losing around 100 million barrels of supply each week and said prolonged disruptions could delay normalization until next year.

While some tankers from the UAE, Saudi Arabia and Qatar have resumed limited transit, flows remain far below pre-war levels.

Fresh drone attacks near Qatar and interceptions in the UAE and Kuwait underscored ongoing security risks, while Israeli Prime Minister Benjamin Netanyahu said the conflict with Iran is “not over.”



News Stream
Brent Rises as Trump Rejects Iran Peace Offer
Brent crude futures climbed to above $103 per barrel on Monday after President Donald Trump rejected Iran’s latest response to a US peace proposal, prolonging disruptions in the Strait of Hormuz. Trump called Tehran’s reply “totally unacceptable,” highlighting the fragility of the ceasefire after ten weeks of conflict. The near shutdown of traffic through Hormuz has severely disrupted global shipments of crude oil, LNG and fuels, driving energy prices higher and increasing inflation concerns. Saudi Aramco CEO Amin Nasser warned the market is losing around 100 million barrels of supply each week and said prolonged disruptions could delay normalization until next year. While some tankers from the UAE, Saudi Arabia and Qatar have resumed limited transit, flows remain far below pre-war levels. Fresh drone attacks near Qatar and interceptions in the UAE and Kuwait underscored ongoing security risks, while Israeli Prime Minister Benjamin Netanyahu said the conflict with Iran is “not over.”
2026-05-11
Brent Climbs as Trump Dismisses Iran Peace Offer
Brent crude futures rose more than 2% to above $103 per barrel on Monday, recouping losses from last week after President Donald Trump rejected Iran’s latest response to his proposal aimed at ending the 10-week conflict, leaving the Strait of Hormuz effectively closed. In a post on Truth Social, Trump called Tehran’s reply “TOTALLY UNACCEPTABLE,” amid reports that Iran had proposed transferring part of its highly enriched uranium stockpile to a third country while refusing to dismantle its nuclear infrastructure. At the same time, drone attacks struck a cargo vessel near Qatar in the Persian Gulf, while the UAE and Kuwait said they had intercepted hostile drones, raising fears that the fragile ceasefire reached in early April could collapse. The extended shutdown of the Strait of Hormuz has severely disrupted global flows of crude oil, natural gas, and refined fuels, triggering what the IEA described as the largest supply shock on record.
2026-05-10
Oil Edges Higher on Friday, Posts Weekly Loss
Brent crude oil futures rose 1.2% to settle near $101 per barrel on Friday as renewed clashes between the US and Iran raised doubts about the durability of a fragile ceasefire and tempered hopes for a quick peace agreement, though prices still posted a weekly loss of about 6%. Fighting in the Persian Gulf kept markets focused on the Strait of Hormuz, which has remained largely closed since late February, disrupting global crude flows and creating a major supply shock. Iran accused the US of violating the ceasefire, while Washington said American forces struck Iranian military targets after attacks on US warships and blocked tankers attempting to leave Iranian ports. President Donald Trump said the ceasefire remained in effect despite the exchanges. Traders continue balancing expectations for diplomacy against the risk of further escalation.
2026-05-08