Oil Climbs as Trump Rejects Iran Peace Offer

2026-05-11 14:31 By Agna Gabriel 1 min. read

WTI crude oil futures climbed to around $97 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.”



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