Oil Climbs as Trump Dismisses Iran Peace Offer

2026-05-10 23:24 By Jam Kaimo Samonte 1 min. read

WTI crude futures jumped more than 2% to around $98 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.



News Stream
Oil Rises on US-Iran Deal Uncertainty
WTI crude futures climbed toward $90 per barrel on Monday, recovering part of last week’s losses as uncertainty continued to cloud prospects for a peace agreement between the US and Iran. Over the weekend, both sides exchanged proposals seeking revisions to a draft deal that would prolong the ceasefire and reopen the Strait of Hormuz, though it remained unclear whether meaningful progress had been achieved. President Donald Trump also reaffirmed his demand that Iran halt its nuclear program and fully restore the strait’s status as an open international shipping route. Although oil prices recently posted a monthly decline amid expectations that Washington and Tehran could eventually reach a more durable agreement, they remain elevated compared with pre-conflict levels as the near-shutdown of Hormuz triggered an unprecedented disruption to global energy supplies.
2026-05-31
Oil Falls on Friday, Logs Monthly Loss
WTI crude oil futures fell 1.1% to below $88 per barrel on Friday, the lowest in roughly six weeks, ending May down 16.2%. The move followed reports that the US and Iran have reached a preliminary agreement to extend a ceasefire and ease restrictions on shipping through the Strait of Hormuz, although President Donald Trump has not yet approved the deal and Iranian state media said it has not been finalized. The potential agreement has raised expectations of an eventual end to the US-Israeli war in Iran and a reopening of the Strait of Hormuz, a critical route for about one-fifth of global oil and LNG flows. Analysts warn that any recovery in flows would likely be slow, as mines would need clearing, damaged infrastructure repaired and shut-in production restarted, with tanker delays also limiting supply restoration.
2026-05-29
Oil Falls on Friday, Set for Monthly Drop
WTI crude oil futures fell about 2% to $87.2 per barrel on Friday, the lowest in roughly six weeks, putting them on track for a 17% decline in May. The move followed reports that the US and Iran have reached a preliminary agreement to extend a ceasefire and ease restrictions on shipping through the Strait of Hormuz, although President Donald Trump has not yet approved the deal and Iranian state media said it has not been finalized. The potential agreement has raised expectations of an eventual end to the US-Israeli war in Iran and a reopening of the Strait of Hormuz, a critical route for about one-fifth of global oil and LNG flows. Analysts warn that any recovery in flows would likely be slow, as mines would need clearing, damaged infrastructure repaired and shut-in production restarted, with tanker delays also limiting supply restoration.
2026-05-29