Oil rises $4 after Trump rejects Iran’s response to US peace proposal

SINGAPORE: Oil prices rallied on Monday, a day after President Donald Trump said Iran’s response to a US proposal was “unacceptable,” raising supply fears as the Strait of Hormuz stayed largely closed, which kept the global market tight. Brent crude ​futures climbed $4.04 or 3.99 percent to $105.33 a barrel at 09:14 a.m. Saudi time. US West Texas Intermediate was at $99.85 ​a barrel, up $4.43, or 4.64 percent.

  News   May 12, 2026   0   8  Add to Reading List
Oil rises $4 after Trump rejects Iran’s response to US peace proposal
SINGAPORE: Oil prices rallied on Monday, a day after President Donald Trump said Iran’s response to a US proposal was “unacceptable,” raising supply fears as the Strait of Hormuz stayed largely closed, which kept the global market tight. Brent crude ​futures climbed $4.04 or 3.99 percent to $105.33 a barrel at 09:14 a.m. Saudi time. US West Texas Intermediate was at $99.85 ​a barrel, up $4.43, or 4.64 percent.
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