Oil prices surged on Monday, May 11, after President Trump rejected Iran’s response to a U.S. peace proposal. Trump labeled the response as totally unacceptable, fueling concerns over supply disruptions in the Strait of Hormuz. The critical waterway remains largely closed.
Brent crude futures rose 3% to $104.32 a barrel. U.S. West Texas Intermediate crude increased 3.2% to $98.40 a barrel. This price action reverses losses from the previous week. The failed proposal signals ongoing regional instability and sustained pressure on global energy markets.