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.



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