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Oil Jumps More Than 3% After Trump Rejects Iran Response, Escalating Middle East Tensions

Source

Suehyeon Lee

Summary

International oil prices rose after President Donald Trump strongly rejected Iran's response to a proposal to end the war, heightening tensions in the Middle East.
As of May 11, West Texas Intermediate (WTI) was trading at $97.77, up 3.37%% from a day earlier, while Brent crude gained 3.62%% to $103.90.
The market sees progress in future negotiations and tensions surrounding the Strait of Hormuz as key drivers of oil-price volatility.

Forecast Trend Report by Period

International oil prices climbed after President Donald Trump flatly rejected Iran's response to a proposal to end the war, heightening tensions in the Middle East.

As of 7:09 a.m. in Korea on May 11, West Texas Intermediate crude was trading at $97.77, up 3.37% from the previous day, according to TradingView. Brent crude rose 3.62% to $103.90.

The rally reflects renewed geopolitical concerns after Trump's remarks. On May 10, Trump wrote on Truth Social that he had read the response from Iran's so-called "delegation" and found it "TOTALLY UNACCEPTABLE."

The US and Iran had been holding talks aimed at ending the war, fueling expectations for a possible agreement. Trump's latest comments revived uncertainty over those negotiations and added to tensions in energy markets.

Trump did not specify whether negotiations would continue or how a ceasefire would be maintained. Investors are watching for any progress in talks, as well as tensions around the Strait of Hormuz, as key drivers of oil-price volatility.